Understanding Market Research Concepts

What is market research?

• A way to sell things quickly.

• Gathering information about customers and the market.

• Making new products without asking anyone.

• Only looking at what other businesses do.

Why is market research important for businesses?

• It helps them spend more money.

• It helps them make bad decisions.

• It helps them make good decisions and sell more.

• It helps them hide from customers.

What is one common way businesses do market research?

• Playing games.

• Taking surveys.

• Watching TV.

• Sleeping.

What kind of information can surveys help businesses gather?

• How many toys people have.

• What customers like to eat for breakfast.

• How customers feel about products and what they want improved.

• The weather forecast.

What are focus groups?

• Big parties with lots of people.

• Small groups of people who talk about a product or service.

• People who only watch movies together.

• A type of game.

What can businesses do with data analysis?

• Draw pictures.

• Find out what customers like and dislike.

• Build new houses.

• Plant trees.

What is competitor analysis?

• Playing hide-and-seek with other businesses.

• Learning about other businesses' products and prices.

• Ignoring what other businesses do.

• Only selling one type of product.

What does market segmentation help businesses do?

• Make their products smaller.

• Divide customers into groups with similar needs.

• Sell products to everyone at once.

• Only sell to one person.

What is brand awareness research about?

• Finding out how old a brand is.

• Learning how well-known a brand is and what people think of it.

• Counting how many brands there are.

• Making new brand names.

What is the main goal of market research for businesses?

• To make things more confusing.

• To help them make smart choices and be successful.

• To waste time and money.

• To make products that no one wants.