
Exploring Market Research Basics
Authored by Jon Marie Rogers
Business
8th Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of market research in business planning?
To determine the company's internal strengths
To understand customer needs and market trends
To calculate the company's profit margins
To develop new products without feedback
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a common method used in market research?
SWOT analysis
Surveys and questionnaires
Financial auditing
Product development
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a target market?
A list of competitors in the industry
A specific group of consumers a business aims to reach
A type of market research tool
A financial goal for the company
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a benefit of conducting market research?
Identifying potential customers
Reducing business risks
Increasing production costs
Understanding market trends
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a focus group in the context of market research?
A group of employees discussing company policies
A small group of people discussing their opinions on a product
A team of managers planning business strategies
A collection of financial data
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of secondary market research?
Conducting interviews with potential customers
Analyzing existing industry reports
Creating a new survey
Hosting a product launch event
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "demographics" refer to in market research?
The study of economic trends
Statistical data about a population's characteristics
The analysis of competitors' strategies
The measurement of product quality
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