WorksheetsIntroduction to Market Research INNOVATION AND ENT.MAY 25C
Total questions: 90
Worksheet time: 45mins
Fill in the blank: Market research is the systematic gathering and interpretation of information about individuals or organisations using ______ and analytical methods (Malhotra, 2020).
statistical
creative
random
subjective
What is the main purpose of market research?
To entertain viewers
To inform business decisions, identify opportunities, and mitigate risks through data-driven insights
To increase advertising costs
To reduce the number of employees
Which company is given as a real-world example of using market research to inform content creation decisions, leading to successful original productions?
Netflix
Apple
Sony
Disney
Fill in the blank: ________ involves original data collection through surveys, interviews, and observations.
Primary Research
Secondary Research
Literature Review
Meta-Analysis
Fill in the blank: ________ is the analysis of existing data from published sources. Apple examines industry reports to track technology adoption trends.
Secondary Research
Primary Research
Experimental Research
Field Research
Fill in the blank: ________ involves non-numerical data collection (e.g., focus groups). Unilever uses focus groups to gather product feedback.
Qualitative Research
Quantitative Research
Experimental Research
Descriptive Research
Fill in the blank: ________ involves numerical data collection (e.g., surveys). Samsung polls customers about device satisfaction scores.
Quantitative Research
Qualitative Research
Exploratory Research
Descriptive Research
Which data analysis technique summarises data to understand what happened, such as Tesco analysing purchase patterns to identify bestselling products by category?
Descriptive Analysis
Inferential Analysis
Predictive Analysis
Which data analysis technique draws conclusions from samples to make predictions, such as Spotify extrapolating listening habits from user samples?
Descriptive Analysis
Inferential Analysis
Predictive Analysis
Which data analysis technique forecasts future trends based on historical data, such as Amazon's recommendation system predicting purchases based on browsing history?
Descriptive Analysis
Inferential Analysis
Predictive Analysis
Which of the following is a key step in designing a market research plan for a new vegan restaurant in your city?
Identifying target customers and gathering data on their preferences
Choosing a restaurant location without research
Ignoring competitors in the area
Launching the restaurant without any feedback
A plan for each of these components should include which of the following?
Specific actions and resources for each component
Only a general overview for all components
Unrelated information to the components
A summary without any details
Managing your time for an activity with 20 minutes for planning and 10 minutes for group presentations involves:
Allocating 20 minutes to planning and 10 minutes to presentations
Spending all 30 minutes on planning
Using 10 minutes for planning and 20 minutes for presentations
Dividing the time equally between planning and presentations
A one-page research plan will contain:
Objectives, methodology, timeline, and expected outcomes.
A list of references only.
Personal opinions and unrelated topics.
Only the research title.
Gap Analysis is the process of comparing _______ performance with potential or desired performance. (Parasuraman et al., 1985). It helps identify improvement areas or market opportunities.
actual
expected
theoretical
average
What is the first step in the Gap Analysis process?
Measure the Gap
Define Desired State
Implement Solutions
Identify Focus Area
What is the final step in the Gap Analysis process?
Analyse Current State
Implement Solutions
Measure the Gap
Define Desired State
Fill in the blank: The step 'Measure the Gap' involves quantifying the difference between _______.
states
processes
tools
resources
Fill in the blank: The step 'Define Desired State' refers to the _______ future performance.
ideal
average
past
minimum
Fill in the blank: The step 'Analyse Current State' refers to _______ performance assessment.
present
future
historical
theoretical
What type of gap analysis identifies unserved market needs, as demonstrated by Airbnb discovering the gap between hotels and home-stays, creating a new accommodation category?
Market Gap Analysis
Financial Gap Analysis
Performance Gap Analysis
Skills Gap Analysis
Which type of gap analysis compares actual vs expected operational results and is used by Toyota to optimise manufacturing efficiency?
Performance Gap Analysis
Strategic Gap Analysis
Market Gap Analysis
Financial Gap Analysis
Which type of gap analysis evaluates product features against user expectations, and is used by Apple to inform iPhone feature development?
Product Gap Analysis
Market Share Gap Analysis
Financial Gap Analysis
Resource Gap Analysis
Which type of gap analysis examines the difference between actual and target profits, and is employed by HSBC to optimise branch performance?
Profit Gap Analysis
Sales Gap Analysis
Market Share Gap Analysis
Productivity Gap Analysis
Fill in the blank: The first step in conducting a Gap Analysis is to _________.
Identify the Focus Area
Develop an Action Plan
Implement Solutions
Evaluate Results
Fill in the blank: The second step in conducting a Gap Analysis is to _________.
Analyse Current State
Define Desired State
Implement Solutions
Monitor Progress
Fill in the blank: The third step in conducting a Gap Analysis is to _________.
Define Desired State
Collect Data
Implement Solutions
Monitor Progress
Fill in the blank: The fourth step in conducting a Gap Analysis is to _________.
Measure the Gap
Define the Vision
Develop a Marketing Plan
Implement the Solution
Fill in the blank: The fifth step in conducting a Gap Analysis is to _________.
Develop Action Plans
Identify Stakeholders
Conduct Market Research
Review Financial Statements
Fill in the blank: The first step in User Needs Analysis is to _________.
Define Research Objectives
Conduct Interviews
Develop Prototypes
Analyze Data
Fill in the blank: The second step in User Needs Analysis is to _________.
Select Research Methods
Conduct Interviews
Develop Prototypes
Analyze Data
Fill in the blank: The third step in User Needs Analysis is to _________.
Collect Data
Define Objectives
Develop Solutions
Implement Feedback
Fill in the blank: The fourth step in User Needs Analysis is to _________.
Analyse Findings
Conduct Interviews
Develop Solutions
Implement Feedback
Fill in the blank: The fifth step in User Needs Analysis is to _________.
Translate to Requirements
Conduct Interviews
Develop Prototypes
Implement Solutions
What is User Needs Analysis?
The process of designing user interfaces
The process of identifying and prioritising users' requirements
The process of developing software
The process of marketing products
Class Activity: Gap Analysis
Select a Brand: Choose a smartphone brand you're familiar with. Which of the following is a smartphone brand you could select for this activity?
Samsung
Nike
Toyota
Nestle
Class Activity: Gap Analysis
Analyse Position: What are the two key positions to identify in a gap analysis for a brand?
Current market position and desired future position
Brand logo and slogan
Product price and distribution channel
Customer age and gender
Class Activity: Gap Analysis
Which of the following is a strategy to help a brand reach its desired position?
Conduct a gap analysis and implement targeted marketing strategies.
Ignore market trends and maintain current practices.
Reduce product quality to cut costs.
Disregard customer feedback and focus only on sales.
Presenting your analysis to your peers can be done by:
Creating a clear and concise presentation with visuals
Ignoring feedback from peers
Using only written reports without explanation
Presenting without any supporting data
Which type of market segmentation is based on age, gender, and income, and is exemplified by L'Oréal creating different product lines for various age groups?
Demographic Segmentation
Geographic Segmentation
Psychographic Segmentation
Behavioural Segmentation
Which type of market segmentation is based on location, with Tesco stock varying by neighbourhood demographics and preferences?
Demographic Segmentation
Geographic Segmentation
Psychographic Segmentation
Behavioural Segmentation
Which type of market segmentation is based on lifestyle, values, and attitudes, and is exemplified by Innocent targeting health-conscious consumers?
Demographic Segmentation
Geographic Segmentation
Psychographic Segmentation
Behavioural Segmentation
Which type of market segmentation is based on buying patterns and loyalty, with Coca-Cola offering Diet Coke and Coke Zero for different consumers?
Demographic Segmentation
Geographic Segmentation
Psychographic Segmentation
Behavioural Segmentation
Fill in the blank: ________ involves creating uncontested market space. (Kim and Mauborgne, 2004)
Blue Ocean Strategy
Red Ocean Strategy
Porter's Five Forces
SWOT Analysis
Fill in the blank: ________ is about spotting emerging market trends and patterns.
Trend Analysis
Market Segmentation
Product Placement
Brand Loyalty
Fill in the blank: ________ involves identifying gaps in competitors' offerings.
Competitive Analysis
Market Segmentation
Product Placement
Brand Loyalty
Fill in the blank: ________ is about discovering unmet needs and frustrations.
Customer Pain Points
Market Share
Revenue Streams
Brand Loyalty
Tesla identified an opportunity in the electric vehicle market by addressing which of the following?
Lowering prices only
Addressing environmental concerns while delivering premium performance and design
Increasing fuel consumption
Ignoring customer needs
Which of the following is a technique used to identify the root causes of problems in a process?
SWOT Analysis
5 Whys
Root Cause Analysis
All of the above
What are the four components of a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
Solutions, Workflows, Operations, Tasks
Symptoms, Whys, Outcomes, Tests
Strengths, Weaknesses, Options, Trends
Toyota famously uses the ______ technique to identify root causes of manufacturing issues, repeatedly asking "why" to drill down beyond symptoms to core problems.
5 Whys
Ishikawa Diagram
Six Sigma
Kaizen
The 5 Whys technique is primarily used to:
Brainstorm new ideas
Identify root causes of problems
Analyze market trends
Evaluate employee performance
What is the example given for the 'Market Size & Growth' criterion in the Opportunity Evaluation Criteria table?
Total addressable market of £500M+
Annual revenue growth of 2%
Customer satisfaction score above 80%
Market share of 5%
Which company case is associated with the 'Competitive Landscape' criterion in the Opportunity Evaluation Criteria table?
Brewdog entered craft beer market with distinct branding
Tesla launched electric vehicles with luxury positioning
Apple introduced the iPhone in a saturated smartphone market
Netflix started as a DVD rental service before streaming
In the Opportunity Evaluation Criteria table, which criterion aligns with the example 'Gross margin >40%, breakeven <2 years'?
Profitability Potential
Market Size
Competitive Advantage
Technical Feasibility
Which of the following is NOT an example of a barrier to entry according to the Opportunity Evaluation Criteria table?
Defensible IP
Economies of scale
Gross margin >40%
Network effects
Select the industry you will focus on as your sector.
Healthcare
Education
Retail
Agriculture
Which of the following is a significant challenge currently facing many industries?
Rapid technological advancements
Abundant resources
Lack of competition
Stable market conditions
Class Activity: Problem-Opportunity Mapping
Step 3: What should you do for each problem in this step?
Identify a potential business opportunity that could arise
Ignore the problem and move on
List unrelated solutions
Repeat the problem statement
A technology-enabled solution should be developed for each identified opportunity.
True
False
Sometimes
Never
Fill in the blank: The main problem identified in the Uber case study was inefficiencies in traditional taxi services, high costs, and __________ availability.
inconsistent
abundant
predictable
guaranteed
What was the focus of Uber's market research?
Pricing strategies
Urban transportation needs assessment and pain points analysis
Marketing campaigns
Driver recruitment
Fill in the blank: Gap analysis in the Uber case study identified gaps in convenience, reliability, and __________ in the transport market.
pricing
technology
branding
location
What solution did Uber develop to address the identified gaps?
Traditional taxi service
App-based ride-hailing service with transparent pricing and tracking
Car rental service
Bus service
Fill in the blank: Uber disrupted the market by creating a revolutionary platform connecting drivers and riders, transforming __________ mobility.
urban
rural
aerial
maritime
What is the definition of data-driven decision making? Fill in the blank: Data-driven decision making is using factual evidence gathered through ______ and analysis to inform business decisions.
research
guesswork
intuition
rumors
Which of the following is a benefit of data-driven decision making?
Reduced decision risk
Increased data errors
Decreased operational efficiency
Lower customer satisfaction
Which of the following is a benefit of data-driven decision making?
Improved operational efficiency
Increased analysis paralysis
Reduced resource allocation
Lower competitive advantage
Which of the following is a benefit of data-driven decision making?
Sustainable competitive advantage
Decreased customer satisfaction
Increased ethical issues
Lower data quality
Which of the following is a benefit of data-driven decision making?
Better resource allocation
Higher analysis paralysis
Lower operational efficiency
Reduced decision risk
Which of the following is a challenge of data-driven decision making?
A) Ensuring data quality
B) Improved operational efficiency
C) Better resource allocation
D) Sustainable competitive advantage
Which of the following is a challenge of data-driven decision making?
Avoiding analysis paralysis
Reduced decision risk
Improved operational efficiency
Better resource allocation
Which of the following is a challenge of data-driven decision making?
Addressing ethical considerations
Sustainable competitive advantage
Improved operational efficiency
Better resource allocation
Which of the following is a challenge of data-driven decision making?
Building analytical capability
Reduced decision risk
Improved operational efficiency
Better resource allocation
Fill in the blank: Sainsbury's leverages ______ card data to personalise offers, resulting in higher redemption rates and customer satisfaction.
Nectar
Tesco Clubcard
Advantage
Rewards
Fill in the blank: Participants must understand what data is collected and how it will be used. The Guardian obtains explicit consent for reader surveys. This is an example of _________.
Informed Consent
Data Encryption
Anonymization
Data Minimization
Fill in the blank: Personal information must be secured and used responsibly. Facebook's data privacy scandals led to policy reforms and GDPR compliance. This is related to _________.
Data Privacy & Protection
Digital Marketing
Cloud Computing
Artificial Intelligence
Fill in the blank: Research methods must be transparent and honest. Tesco clearly states how Clubcard data influences personalised marketing. This is an example of _________.
Avoiding Deceptive Practices
Data Fabrication
Sampling Bias
Plagiarism
Fill in the blank: Research must respect cultural differences. HSBC adapts research approaches across global markets to respect local customs. This is an example of _________.
Cultural Sensitivity
Market Segmentation
Product Innovation
Financial Analysis
What percentage of top enterprises are investing in AI for customer insights according to Gartner, 2023?
91%
65%
78%
50%
What is the average daily data processing by large retailers for customer analysis?
67TB
5TB
120GB
1PB
What percentage of companies are using virtual reality for product testing annually?
43%
25%
60%
10%
What is the projected UK market research industry value by 2025?
£28B
£15B
£40B
£10B
Which company leverages AI in consumer behaviour prediction, analysing search patterns to forecast trends months before they become mainstream?
Coca-Cola
Nike
Sony
Fill in the blank: The book 'Understanding your users' was authored by ________ and published in 2005 by Morgan Kaufmann.
Courage, C. and Baxter, K.
Cooper, A. and Reimann, R.
Norman, D. A. and Nielsen, J.
Krug, S. and Garrett, J. J.
Fill in the blank: The article 'Blue ocean strategy' was written by ________ and published in Harvard Business Review, 82(10), pp.76-84 in 2004.
Kim, W.C. and Mauborgne, R.
Porter, M.E.
Drucker, P.F.
Kotler, P.
Fill in the blank: The book 'Marketing management' (15th edn) was authored by ________ and published by Pearson in Essex in 2016.
Kotler, P. and Keller, K.L.
Armstrong, G. and Kotler, P.
Solomon, M.R. and Marshall, G.W.
Porter, M.E. and Kotler, P.
Fill in the blank: The book 'Marketing research: An applied orientation' (7th edn) was authored by ________ and published by Pearson in Harlow in 2020.
Malhotra, N.K.
Kotler, P.
Armstrong, G.
Burns, A.C.
Fill in the blank: The article 'A conceptual model of service quality and its implications for future research' was authored by ________ and published in Journal of Marketing, 49(4), pp.41-50 in 1985.
Parasuraman, A., Zeithaml, V.A. and Berry, L.L.
Kotler, P. and Keller, K.L.
Grönroos, C.
Levitt, T.
Fill in the blank: The book 'Data science for business' was authored by ________ and published by O'Reilly Media in Sebastopol in 2013.
Provost, F. and Fawcett, T.
James, G. and Witten, D.
Hastie, T. and Tibshirani, R.
Han, J. and Kamber, M.
