Which of the following best describes a mass market?

• A market with very few customers

• A market aimed at the whole population or the majority of the population

• A specialized market serving specific customer needs

• A market that only exists online

Primary market research is best defined as:

• Research conducted using existing data sources

• Research carried out first-hand by the business or on its behalf

• Research that focuses only on competitor analysis

• Research conducted by government agencies

Which is an example of qualitative market research?

• A: A survey asking customers to rate satisfaction on a scale of 1-10

• B: Counting the number of customers entering a store

• C: Focus groups discussing opinions about a new product

• D: Sales data from the previous year

Market segmentation is important because it allows businesses to:

• Reduce production costs significantly

• Target specific groups of customers with tailored products

• Eliminate all competition from the market

• Avoid conducting market research

Which of the following is NOT a method of primary research?

• Focus groups

• Questionnaires

• Government statistics

• Interviews

If demand increases but supply remains constant, what will happen to price?

• Price will decrease

• Price will increase

• Price will remain the same

• Price will become zero

Price elasticity of demand measures:

• How much supply changes when price changes

• How much demand changes when income changes

• How much demand changes when price changes

A good with income elasticity of demand greater than +1 is classified as:

• An inferior good

• A normal necessity

• A luxury good

• A substitute good

If a product has price elasticity of demand = -0.3, demand is:

• Price elastic

• Price inelastic

• Perfectly elastic

• Unit elastic

Which factor would make demand more price elastic?

• Many substitutes available

• Product is a necessity

• Low proportion of income spent on the product

• Product is highly addictive