2.1 Market Research Quiz

What is the definition of marketing?

• Marketing is the process of selling products to consumers.

• Marketing is the process responsible for identifying, anticipating, and satisfying customer requirements profitably.

• Marketing is the process of creating advertisements for products.

• Marketing is the process of managing a company’s finances.

Which of the following is NOT a purpose of market research?

• To understand competitors’ strategies.

• To identify the type of people who would be their target market.

• To reduce the quality of their products.

• To make the business aware of changes in consumers’ tastes.

How does market research help businesses in pricing their products?

• It enables them to price products at an acceptable level for consumers.

• It helps them reduce the cost of production.

• It allows them to increase the price of products.

• It ensures competitors cannot match their prices.

What is a disadvantage of secondary research?

• The data is unlikely to meet the firm’s exact needs

• The information is always accurate

• The data is collected directly from consumers

• The information is exclusive to the business

What is primary research also known as?

• Desk research

• Field research

• Secondary research

• Government research

What is one advantage of using questionnaires and interviews for research?

• They are always returned when sent by post.

• They provide information directly from the business's consumers.

• They are inexpensive and quick to conduct.

• They eliminate the need for interaction with the public.

What is one disadvantage of using questionnaires and interviews for research?

• They are always accurate and reliable.

• They are quick and inexpensive.

• People may misunderstand the questions, leading to misleading responses.

• They do not involve direct interaction with consumers.

What is one advantage of using observation as a method of primary research?

• It is costly for the business.

• Consumers need to be aware it is happening.

• It is not suitable for all products.

• It is not costly for the business.

What is one advantage of using consumer panels in research?

• It is inexpensive and suitable for small companies.

• Panel members are skilled and impartial.

• It is not suitable for all products.

• It does not require detailed information.

What is one disadvantage of testing as a research method?

• It is suitable for all products.

• It may not test a cross-section of the public.

• It is inexpensive and suitable for small companies.

• Panel members are skilled and impartial.