Market Research and Business Insights Quiz

What is market research?

• Guessing what customers want

• Gathering information about customers, competitors, and the market

• Copying other businesses

• Choosing products randomly

Why is market research important for entrepreneurs?

• It guarantees instant success

• It helps make decisions based on real customer needs

• It saves time because no research is needed

• It replaces marketing

Which question does market research help answer?

• What your favorite color is

• Who wants the product and what problems they have

• What your friends like

• How long recess should be

Which is an example of primary research?

• Reading a news article about teen spending

• Looking at a government report

• Asking 25 students what snacks they like

• Checking a website

Which is an example of secondary research?

• Conducting a survey

• Interviewing teachers

• Reading national spending reports

• Observing classmates in the cafeteria

The first step in the research process is to:

• Collect data

• Define your research goal

• Choose your colors

• Start advertising

Your target market is:

• Anyone in the world

• People least likely to buy your product

• The group most likely to buy your product

• Only your friends

Demographic segmentation includes:

• Hobbies and interests

• Age, income, education

• Brand loyalty

• Personality traits

Psychographic segmentation focuses on:

• Location

• Interests, values, and lifestyle

• Shopping patterns

• Age groups

Behavioral segmentation examines:

• Favorite colors

• Habits and buying patterns

• Zip codes

• School clubs