market research Flashcards
(25 cards)
What is market research?
The process of gathering, analyzing, and interpreting information about a market.
True or False: Market research is only conducted for large businesses.
False
Fill in the blank: The two main types of market research are _____ and _____ research.
primary, secondary
What is primary research?
Research that involves collecting new data directly from sources.
What is secondary research?
Research that involves analyzing existing data that has already been collected.
Multiple choice: Which of the following is a method of primary research? A) Surveys B) Reports C) Articles
A) Surveys
What is a focus group?
A small, diverse group of people whose reactions are studied to gauge the response to a product or idea.
True or False: Online surveys are a common method of conducting market research.
True
What is the purpose of market segmentation?
To divide a market into distinct groups of buyers with different needs or behaviors.
Fill in the blank: A _____ is a detailed description of a typical customer in a target market.
buyer persona
Multiple choice: Which of the following is NOT a benefit of market research? A) Identifying customer needs B) Reducing business risks C) Guaranteeing sales
C) Guaranteeing sales
What is qualitative research?
Research that focuses on understanding the reasons behind consumer behavior.
What is quantitative research?
Research that involves numerical data to quantify behaviors and attitudes.
True or False: Market research can only be used before launching a product.
False
What is a survey?
A method of gathering information from individuals, often using questionnaires.
Fill in the blank: The _____ is a visual representation of the relationship between two variables in market research.
scatter plot
Multiple choice: Which of the following is a disadvantage of secondary research? A) It is usually less expensive B) It may not be specific to your needs C) It is time-consuming
B) It may not be specific to your needs
What is a market trend?
A general direction in which a market is developing or changing.
True or False: Observational research involves watching how consumers interact with a product.
True
What is a competitive analysis?
An assessment of the strengths and weaknesses of current and potential competitors.
Fill in the blank: The _____ method involves collecting data in real-time from consumers.
ethnographic
Multiple choice: Which is an example of secondary data? A) A customer interview B) Government reports C) Focus groups
B) Government reports
What is the significance of the 4 Ps in marketing?
They represent Product, Price, Place, and Promotion, which are key elements in marketing strategy.
True or False: Market research can help identify new business opportunities.
True
