WorksheetsINNOV AND ENT.Self-Assessment as an innovator JAN 25C WEEK 11
Total questions: 88
Worksheet time: 44mins
What is the definition of market research? 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
To reduce costs
Which company is given as a real-world example of using market research to inform content creation decisions, leading to successful original productions?
Netflix
Spotify
Adobe
Samsung
Fill in the blank: ________ involves original data collection through surveys, interviews, and observations. Tesco conducts in-store customer interviews to understand shopping preferences.
Primary Research
Secondary Research
Desk Research
Data Mining
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
Case Study
Which data analysis technique summarises data to understand what happened?
Inferential Analysis
Predictive Analysis
Descriptive Analysis
Diagnostic Analysis
Which company uses inferential analysis to extrapolate listening habits from user samples?
Amazon
Spotify
Tesco
Amazon's recommendation system predicts purchases based on browsing history. This is an example of which data analysis technique?
Descriptive Analysis
Inferential Analysis
Predictive Analysis
Diagnostic Analysis
A market research plan for a new vegan restaurant in your city should include which of the following steps?
Identifying target customers and analyzing competitors
Ignoring customer preferences
Focusing only on non-vegan customers
Skipping competitor analysis
A market research plan should include:
Objectives, methods, data collection, and analysis
Only sales projections
Just a list of competitors
A marketing slogan
How much time is allocated for planning and group presentations in this activity?
30 minutes
10 minutes
45 minutes
60 minutes
The required deliverable for this class activity is:
A completed assignment
A group discussion
A presentation
A quiz
What is the first step in the Gap Analysis process?
Identify Focus Area
Develop Action Plan
Implement Solutions
Evaluate Results
Which step in the Gap Analysis process involves assessing present performance?
Analyse Current State
Define Future State
Develop Action Plan
Implement Solutions
What is the third step in the Gap Analysis process?
Define Desired State
Identify Gaps
Implement Solutions
Monitor Progress
Which step in the Gap Analysis process is about quantifying the difference between states?
Measure the Gap
Define Objectives
Implement Solutions
Monitor Progress
What is the final step in the Gap Analysis process?
Implement Solutions
Identify Gaps
Collect Data
Set Objectives
Gap Analysis is the process of comparing actual performance with potential or desired performance.
True
False
Fill in the blank: ________ identifies unserved market needs. Airbnb discovered the gap between hotels and home-stays, creating a new accommodation category.
Market Gap Analysis
Customer Retention Strategy
Brand Positioning
Product Diversification
Fill in the blank: ________ compares actual vs expected operational results. Toyota uses this to optimise manufacturing efficiency.
Performance Gap Analysis
Root Cause Analysis
Just-in-Time Inventory
Total Quality Management
Fill in the blank: ________ evaluates product features against user expectations. Apple uses this to inform iPhone feature development.
Product Gap Analysis
Market Segmentation
Brand Positioning
Customer Journey Mapping
Fill in the blank: ________ examines the difference between actual and target profits. HSBC employs this to optimise branch performance.
Profit Gap Analysis
Liquidity Ratio Analysis
Market Share Analysis
Cost Volume Profit Analysis
What is the first step in conducting a gap analysis? Fill in the blank: _________.
Identify the Focus Area
Develop an Action Plan
Implement Solutions
Evaluate Results
What is the second step in conducting a gap analysis? Fill in the blank: _________.
Analyse Current State
Define Desired State
Develop Action Plan
Implement Solutions
What is the third step in conducting a gap analysis? Fill in the blank: _________.
Define Desired State
Identify Stakeholders
Develop Implementation Plan
Conduct Market Research
What is the fourth step in conducting a gap analysis? Fill in the blank: _________.
Measure the Gap
Identify Stakeholders
Develop a Budget
Implement Solutions
What is the fifth step in conducting a gap analysis? Fill in the blank: _________.
Develop Action Plans
Identify Stakeholders
Conduct Market Research
Review Financial Statements
What is the first step in User Needs Analysis?
Define Research Objectives
Conduct Usability Testing
Develop Wireframes
Launch the Product
Which company is mentioned as an example for establishing clear goals for understanding user needs in the 'Define Research Objectives' step?
Dyson
Samsung
Apple
Sony
Which step in User Needs Analysis involves choosing appropriate techniques such as surveys, interviews, and observations?
Select Research Methods
Define User Personas
Develop Prototypes
Conduct Usability Testing
Barclays conducts banking app usability testing sessions as part of which step in User Needs Analysis?
Collect Data
Define Objectives
Implement Solution
Evaluate Alternatives
Which step in User Needs Analysis is associated with identifying patterns and insights, as done by Ocado?
Analyse Findings
Define Objectives
Develop Solutions
Implement Feedback
What is the process of identifying and prioritising users' requirements called?
User Needs Analysis
System Testing
Interface Design
Code Optimization
Class Activity: Gap Analysis
Select a Brand: Choose a smartphone brand you're familiar with (Apple, Samsung, Google, etc.). Which brand have you selected for this activity?
Apple
Nike
Toyota
Coca-Cola
Class Activity: Gap Analysis
Analyse Position: What are the two key elements to identify when analysing the position of a brand?
Current market position and desired future position
Brand logo and slogan
Product price and packaging
Customer age and gender
Class Activity: Gap Analysis
Which of the following is a strategy to help the brand reach its desired position?
Conduct a gap analysis to identify areas for improvement
Ignore customer feedback and maintain current practices
Reduce product quality to cut costs
Limit marketing efforts to existing customers only
Presenting your analysis to your peers can be done by:
Creating a clear and concise presentation
Ignoring feedback from peers
Using only written reports without explanation
Avoiding visual aids or diagrams
What is Demographic Segmentation based on?
Location
Age, gender, income
Lifestyle and values
Buying patterns
Which company is mentioned as an example for Demographic Segmentation?
Tesco
Innocent
Coca-Cola
L'Oréal
Geographic Segmentation is based on _______.
location
age
income
lifestyle
Which segmentation type targets health-conscious consumers?
Demographic Segmentation
Geographic Segmentation
Psychographic Segmentation
Behavioural Segmentation
Behavioural Segmentation is based on buying patterns and loyalty.
True
False
What is the strategy called that involves creating uncontested market space, as described by Kim and Mauborgne (2004)?
Blue Ocean Strategy
Red Ocean Strategy
Cost Leadership Strategy
Differentiation Strategy
Which method involves spotting emerging market trends and patterns?
Trend Analysis
Random Sampling
Cost Accounting
Product Placement
What is the process of identifying gaps in competitors' offerings called?
Competitive Analysis
Market Segmentation
Product Diversification
Brand Positioning
Which method focuses on discovering unmet needs and frustrations of customers?
Customer Pain Points
Market Segmentation
Brand Positioning
Sales Forecasting
How did Tesla identify an opportunity in the electric vehicle market?
By addressing environmental concerns while delivering premium performance and design.
By focusing solely on low-cost mass production.
By ignoring consumer preferences for design and technology.
By targeting only government fleet contracts.
Which of the following is NOT a problem identification technique shown in the image?
Root Cause Analysis
5 Whys
SWOT Analysis
Brainstorming
Fill in the blank: 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
Six Sigma
Kaizen
Ishikawa Diagram
Which technique involves analyzing Strengths, Weaknesses, Opportunities, and Threats?
Root Cause Analysis
5 Whys
SWOT Analysis
Fishbone Diagram
What is the example given for the 'Market Size & Growth' criterion in the Opportunity Evaluation Criteria table?
Total addressable market of £500M+
Annual revenue of £10M+
Customer base of 1 million+
Market share of 50%+
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 iPhone disrupting mobile phones
Netflix shifted from DVD rental to streaming
Which of the following is a barrier to entry mentioned in the Opportunity Evaluation Criteria table?
Defensible IP
High employee turnover
Low customer demand
Limited product range
According to the Opportunity Evaluation Criteria table, what is the profitability potential example?
Gross margin >40%, breakeven <2 years
Gross margin <10%, breakeven >5 years
Net loss expected for 3 years
No profit potential identified
Select the industry you have chosen for this activity.
Manufacturing
Healthcare
Education
Retail
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 opportunity identified.
True
False
Only for some opportunities
Only if requested
Fill in the blank: The problem identified in the Uber case study was inefficiencies in traditional taxi services, high costs, and __________ availability.
inconsistent
abundant
guaranteed
predictable
Which of the following best describes the focus of Uber's market research?
Assessing rural transportation needs
Urban transportation needs assessment and pain points analysis
Developing new car models
Analyzing food delivery trends
Fill in the blank: Gap analysis in the Uber case study identified convenience, reliability, and __________ gaps in the transport market.
pricing
technology
safety
communication
What solution did Uber develop according to the case study?
Traditional taxi service
App-based ride-hailing service with transparent pricing and tracking
Bicycle rental service
Car manufacturing
Fill in the blank: Uber disrupted the market by creating a revolutionary platform connecting drivers and riders, transforming __________ mobility.
urban
rural
maritime
aerial
What is the definition of Data-Driven Decision Making? Fill in the blank: Data-Driven Decision Making is using _______ evidence gathered through research and analysis to inform business decisions (Provost and Fawcett, 2013).
factual
random
subjective
anecdotal
Which of the following is a benefit of Data-Driven Decision Making?
Increased decision risk
Improved operational efficiency
Reduced customer satisfaction
Decreased resource allocation
Which of the following is NOT a benefit of Data-Driven Decision Making?
Reduced decision risk
Improved operational efficiency
Sustainable competitive advantage
Increased analysis paralysis
Fill in the blank: One of the benefits of Data-Driven Decision Making is _______ resource allocation.
better
random
limited
worse
Which of the following is a challenge of Data-Driven Decision Making?
Ensuring data quality
Reduced decision risk
Improved operational efficiency
Better resource allocation
Fill in the blank: Addressing _______ considerations is a challenge in Data-Driven Decision Making.
ethical
financial
technical
aesthetic
Avoiding analysis paralysis is a challenge in Data-Driven Decision Making.
True
False
How does Sainsbury's use data to improve customer satisfaction? 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
What must participants understand in order to give informed consent in market research?
Participants must understand what data is collected and how it will be used.
Participants must agree to participate in all future studies.
Participants must provide their home address and phone number.
Participants must complete the survey within a specific time frame.
What is the main focus of Data Privacy & Protection in market research?
Personal information must be secured and used responsibly.
Market research data should be shared publicly.
Data privacy is only important for large companies.
Only financial data needs protection.
What is required to avoid deceptive practices in market research?
Research methods must be transparent and honest.
Market research should be based on assumptions only.
Deceptive practices are acceptable if results are positive.
Only senior management should know the research methods.
Why is cultural sensitivity important in market research?
Research must respect cultural differences.
It increases the cost of research.
It ensures faster data collection.
It eliminates the need for local partners.
What percentage of top enterprises are investing in AI for customer insights according to Gartner, 2023?
91%
65%
78%
54%
What is the average daily data processing by large retailers for customer analysis?
67TB
5GB
200MB
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
£5B
Which company leverages AI in consumer behaviour prediction, analysing search patterns to forecast trends months before they become mainstream?
Coca-Cola
Nike
Sony
Who is the author of the book 'Understanding your users'?
Kim, W.C. and Mauborgne, R.
Courage, C. and Baxter, K.
Kotler, P. and Keller, K.L.
Provost, F. and Fawcett, T.
Which publication is associated with the concept of 'Blue ocean strategy'?
Harvard Business Review
Journal of Marketing
O'Reilly Media
Pearson
Fill in the blank: 'Marketing management' was authored by ________ in 2016.
Kotler, P. and Keller, K.L.
Armstrong, G. and Kotler, P.
Solomon, M.R. and Marshall, G.W.
Porter, M.E.
Who wrote 'Marketing research: An applied orientation'?
Malhotra, N.K.
Parasuraman, A.
Courage, C.
Provost, F.
Fill in the blank: The article 'A conceptual model of service quality and its implications for future research' was published in the ________.
Journal of Marketing
Harvard Business Review
Journal of Consumer Research
Management Science
Who are the authors of 'Data science for business'?
Kotler, P. and Keller, K.L.
Provost, F. and Fawcett, T.
Kim, W.C. and Mauborgne, R.
Malhotra, N.K.
