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

• Expanding list of Competitors

• Superior qualities

• Incompetencies

• Competitors have weaknesses we coulc benefit from

• Technological Advancements

• Market Voids

• Overall advantages

• Best revenue sources

• Sources of revenue loss

• Obstacles

• Areas of improvement

• Outdated resources or equipment

• Economic climate downturn

• Strong customer loyalty

• Market Shifts or volatility

• Evolving Customer Needs

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.

• Data collection and analyze data for patterns

• State an hypothesis and develop a research plan

• Publish results and recommendations

• Define the problem and learn about the problem

• 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

• Collected data for other purposes

• Variable

• Pattern change in society

• Marketing Trend

• Something that changes or can be changed

• Research Sample

• Pattern change in consumer behavior

• Secondary Data

• People on which research is done

• Social 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

• Factual characteristics of a product or service

• Can be tangible or intangible

• Heated seats

• Positive outcomes that the customer experiences

• comfortable ride in the cold

• Describe what the product does

• One-of-a-kind finish

• reasons why customers buy

• Handcrafted

• Improvement of customer experience

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• All people who like water sports

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

• Everyone gets the same message

• Uses marketing mix for different target markets

• Ignores customer differences

• People who travel for water sports activities