Market Research Quiz

What are the 4 key things market research does?

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By not conducting market research a business could offer a product that no one wants and it could result in financial damage to the business?

• True

• False

Which company were most successful with market research

• LG

• Apple

What business failed to conduct market research and spot a gap in the market, which resulted in them going out of business?

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Market research helps businesses make better decisions such as

• Launching a new product and service

  Making changes to existing product

  Investing in a new location or store

• Launching a new product and service

  Making more profit

  Creating ideas

• Making changes to existing product

  Adding Value

  Employing staff

• Launching a new product and service

  Not making changes

  Where the business is going

What are the two main groups of market research?

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Describe what Lego did with market research and what was the results of this?

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