Unit 3- Market Research

Sort the market research result options below that best belong to the each of the SWOT components.

Groups:

(a) Strength

,

(b) Weakness

,

(c) Opportunity

,

(d) Threat

• Market Voids

• Competitors have weaknesses we coulc benefit from

• Areas of improvement

• Obstacles

• Technological Advancements

• Market Shifts or volatility

• Sources of revenue loss

• Outdated resources or equipment

• Strong customer loyalty

• Economic climate downturn

• Evolving Customer Needs

• Expanding list of Competitors

• Overall advantages

• Incompetencies

• Best revenue sources

• Superior qualities

Which of the options below are sources of primary data, select all that apply?

• Data from observations

• Data from Government Sources

• Data from interviews

• Data from surveys

• Data from small business organizations

Reorder the following steps of market research.

• Publish results and recommendations

• Research conclusions are made

• Define the problem and learn about the problem

• Data collection and analyze data for patterns

• State an hypothesis and develop a research plan

What is the difference between qualitative and quantitative research, and what types of research tools would likely be used for each?

Describe the importance of market research in business.

Match the following

• Collected data for other purposes

• Research Sample

• Something that changes or can be changed

• Secondary Data

• People on which research is done

• Social Trend

• Pattern change in society

• Marketing Trend

• Pattern change in consumer behavior

• Variable

Which of the following options should NOT be included in the process of conducting a focus group? Select all that apply.

• Include people not in the target market

• Be hospitable

• Use yes or no questions

• Have questions planned ahead of time

Which of the two below are direct competitors? Select the two that apply.

• Keds

• Nike

• Michael Kors

• Addidas

Organize these options into the right categories

Groups:

(a) Feature

,

(b) Benefit

• One-of-a-kind finish

• reasons why customers buy

• Handcrafted

• Describe what the product does

• Factual characteristics of a product or service

• Heated seats

• Positive outcomes that the customer experiences

• Improvement of customer experience

• comfortable ride in the cold

• Can be tangible or intangible

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• Money is put where there is the best chance for ROI

• Everyone gets the same message

• People who travel for water sports activities

• All people who like water sports

• Ignores customer differences

• Uses marketing mix for different target markets