Understanding Market Research

What is the primary purpose of market research?

• To evaluate employee satisfaction levels.

• To determine the best pricing strategy.

• To analyze market trends and forecasts.

• To gather information about consumer needs and preferences.

Name three common methods used in market research.

• Surveys, social media post and blogs

• Social media posts, blogs, interview

• Online ads and billboards, observation

• Interviews, surveys and observation method

A startup is developing a new meal delivery service but isn’t sure whether customers prefer ready-to-eat meals or meal kits they cook themselves. What should they do?

• Launch both options and see which sells better.

• Survey potential customers and analyze competitors to identify demand.

• Assume meal kits are more popular because they’re trending online.

• Skip research to save time and money.

What is a disadvantage of using interviews for market research?

• Interviews provide quick results.

• Interviews are the cheapest method available.

• Interviews guarantee accurate data collection.

• Interviews can be time-consuming and costly.

What makes a survey question faulty?

• Faulty survey questions can lead to biased or unclear responses.

• Faulty survey questions are always too long.

• All survey questions are equally effective.

• Survey questions are always clear and unbiased.

Provide an example of a leading question in a survey.

• Don't you agree that our product is the best on the market?

• Isn't our service the most reliable in the industry?

• Don't you think our customer support is unmatched?

• Wouldn't you say our prices are the lowest available?

What should be avoided when designing an interview guide?

• Questions with multiple correct answers

• Simple yes/no questions

• Leading questions, complex language, and vague questions

• Open-ended questions

How can biased questions affect survey results?

• Biased questions have no impact on survey outcomes.

• Biased questions are essential for gathering honest feedback.

• Biased questions improve the accuracy of survey results.

• Biased questions can skew survey results by influencing respondents' answers, leading to unrepresentative data.

A coffee shop owner wants to introduce a new drink but isn’t sure if customers want cold brew or specialty flavored lattes. How can they make an informed decision?

• Guess based on personal preference.

• Check social media comments for random opinions.

• Run a customer poll and analyze sales data from similar cafes.
  

• Introduce both and see which one sells more.

When introducing a new product, what is one key factor to observe in the market?

• Market trends

• Competitor pricing

• Product features

• Consumer demand