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

• Sources of revenue loss

• Overall advantages

• Strong customer loyalty

• Economic climate downturn

• Competitors have weaknesses we coulc benefit from

• Market Shifts or volatility

• Market Voids

• Areas of improvement

• Outdated resources or equipment

• Technological Advancements

• Superior qualities

• Obstacles

• Evolving Customer Needs

• Expanding list of Competitors

• Incompetencies

• Best revenue sources

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.

• Define the problem and learn about the problem

• State an hypothesis and develop a research plan

• Publish results and recommendations

• Data collection and analyze data for patterns

• Research conclusions are made

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

• Pattern change in consumer behavior

• Research Sample

• Collected data for other purposes

• Marketing Trend

• Pattern change in society

• Secondary Data

• Something that changes or can be changed

• Social Trend

• People on which research is done

• 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

• Positive outcomes that the customer experiences

• Factual characteristics of a product or service

• Handcrafted

• One-of-a-kind finish

• Can be tangible or intangible

• Describe what the product does

• Heated seats

• comfortable ride in the cold

• reasons why customers buy

• Improvement of customer experience

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• Uses marketing mix for different target markets

• Ignores customer differences

• Everyone gets the same message

• People who travel for water sports activities

• All people who like water sports

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