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

• Best revenue sources

• Obstacles

• Incompetencies

• Superior qualities

• Outdated resources or equipment

• Overall advantages

• Market Shifts or volatility

• Sources of revenue loss

• Competitors have weaknesses we coulc benefit from

• Strong customer loyalty

• Areas of improvement

• Evolving Customer Needs

• Economic climate downturn

• Expanding list of Competitors

• Technological Advancements

• Market Voids

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

• State an hypothesis and develop a research plan

• Data collection and analyze data for patterns

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

• Something that changes or can be changed

• Variable

• People on which research is done

• Social Trend

• Pattern change in consumer behavior

• Secondary Data

• Collected data for other purposes

• Research Sample

• Pattern change in society

• Marketing Trend

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

• Positive outcomes that the customer experiences

• comfortable ride in the cold

• Describe what the product does

• Handcrafted

• Can be tangible or intangible

• Heated seats

• One-of-a-kind finish

• Factual characteristics of a product or service

• reasons why customers buy

• Improvement of customer experience

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• People who travel for water sports activities

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

• Everyone gets the same message

• All people who like water sports

• Uses marketing mix for different target markets

• Ignores customer differences