ME11 3.03 Market Research

What is the primary purpose of market research for a business?

• To gather information about competitors' pricing strategies

• To create products and services that meet the needs of their target audience

• To analyze internal sales reports for past performance

• To improve employee satisfaction within the company

What kind of information can businesses gather through surveys?

• The financial performance of rival companies

• Detailed insights into consumer behavior from group discussions

• Customer preferences, buying habits, and satisfaction with products or services

• Data on market segments and their profitability

What is a key benefit of conducting focus groups in market research?

• To analyze large volumes of sales data efficiently

• To determine the overall market size and growth rate

• To test new products or services and get feedback from potential customers

• To identify the most profitable market segments for a product

What is the main objective of data analysis in market research?

• To conduct in-depth interviews with individual customers

• To identify trends and patterns in consumer behavior from various sources

• To organize small groups of people for product discussions

• To create visual representations of brand logos

What is one advantage of using surveys for data collection?

• They require extensive training to administer
• They are inexpensive and reach many people

• They always guarantee high response rates
• They can only be conducted in person

Using existing data such as reports and statistics is an example of: ​ (a)  

• Secondary research
• Primary research
• Field study
• Experimental analysis

A small business wants to explore customer opinions about a new product flavor. Which research method is MOST appropriate?

• Market trend analysis
• Product cost evaluation
• Sales forecasting
• Focus groups

Conducting interviews and surveys is an example of:
​ (a)  

• primary research
• secondary research
• literature review
• data mining

The method of data collection that provides insights into “why” customers behave a certain way is:​

• Statistical analysis techniques
• Surveys and questionnaires
• Qualitative research methods
• Quantitative research methods

A tech startup must decide between spending money on marketing or improving its product features. How could market research guide this decision?

• By analyzing social media trends

• By providing data on what customers value most

• By conducting random surveys without a target audience

• By focusing solely on pricing strategies