Business School 101: Market Research Quiz

What is the primary goal of market research?

• To increase product prices

• To gain insights for informed decision-making

• To reduce employee numbers

• To expand globally without research

Which function of market research helps in tailoring products to consumer needs?

• Understanding Consumers

• Risk Mitigation

• Competitor Analysis

• Product Development

How does market research assist in assessing market viability?

• By increasing production costs

• By identifying potential customer segments

• By ignoring consumer feedback

• By reducing marketing efforts

What is the first step in the market research process?

• Locating and defining issues

• Designing the research project

• Reporting research findings

• Collecting data

Which step involves analyzing gathered information to draw conclusions?

• Reporting research findings

• Designing the research project

• Collecting data

• Interpreting research findings

In Coca-Cola's example, what was identified as a rising consumer trend?

• Decline in beverage consumption

• Demand for sugary beverages

• Interest in non-carbonated and healthier options

• Preference for carbonated drinks

What research method did Coca-Cola use to gather consumer feedback?

• Only quantitative research

• A mixed methods approach

• No research method

• Only qualitative research

What is a key benefit of market research in business?

• It guarantees immediate success

• It reduces the need for innovation

• It provides actionable insights

• It eliminates all business risks

How does market research contribute to strategic decision-making?

• By focusing solely on competitor analysis

• By offering insights into consumer behavior

• By providing irrelevant data

• By ignoring market trends

What role does market research play in understanding consumer behavior?

• It complicates the process

• It provides no useful information

• It helps tailor products to consumer needs

• It focuses only on competitor strategies