What is Market research

What is market research?

• Any organised effort to gather information about target markets, organisations, or customers.

• The process of selling products to a specific group of people.

• A method for businesses to reduce their operational costs.

• The act of advertising products on social media platforms.

Which of the following is a valid market research activity?

• Offering customers a minimal discount for completing an online survey.

• Launching a new product without prior customer feedback.

• Reducing the price of a product to increase sales.

• Hiring more staff to handle increased production.

What is one of the main uses of market research for a business?

• To increase the number of employees.

• To easily spot opportunities.

• To reduce the overall production time.

• To decrease the quality of products.

What was the consequence for Enigma Electrical Ltd. due to a lack of market research regarding 3D televisions?

• They expanded their product range to include more 3D televisions.

• They decided to completely stop the manufacture of 3D televisions.

• They increased the price of their 3D televisions.

• They started advertising 3D televisions in new markets.

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What is one of the main uses of market research for a business?

• Increase production costs

• Lower risks

• Reduce customer base

• Limit promotional activities

How can market research help a business reduce risks related to customer loyalty?

• By increasing product prices

• By finding out why customers didn't return

• By reducing advertising spending

• By focusing only on new customer acquisition

What was a significant reason for the failure of the 3D TV market?

• Lack of interest in television technology

• High cost and additional equipment required for a full 3D setup

• Over-saturation of the market with too many 3D TV manufacturers

• Poor picture quality of 3D TVs compared to standard TVs

How can market research assist a business in setting its aims and objectives?

• It guarantees immediate profit growth

• It helps determine if a set aim is actually achievable

• It eliminates the need for strategic planning

• It forces businesses to adopt competitor strategies