Which one of these is not a purpose of market research?
To gain information about what customers want
To get customers to shop with other businesses
To gain information about competition
What is the purpose of identifying customer needs?
To develop a product that an entrepreneur wants to sell
To find out what the competition is doing
To find out what customers want and develop a product to match this
What is a gap in the market?
A part of the market where there is a demand that is not being met
A part of the market where there is a demand that is being met
A way of segmenting a customer base
What are the two main methods of market research?
Initial and secondary
Primary and tertiary
Primary and secondary
What is a focus group?
A group discussion that provides qualitative data
A group of people who complete a questionnaire
A way of segmenting your customer base
Which of these is an advantage of secondary research?
It is not specific to the business
It is quick and easy to gather
It could be out of date
Which of these is a key characteristic of quantitative data?
It is expressed as words and opinions
It takes a long time to gather and is difficult to analyse
It can be displayed in charts and graphs
Which of these is a method of conducting external research?
Looking at information on the internet
Looking at previous company sales figures
Looking at previous cash flow forecast information
Which of these is a disadvantage of using social media for market research?
It gives access to larger markets
It can be time consuming to carry out
It is cheaper than other forms of research
Why is having reliable market research data important?
It allows the business to make properly informed decisions
It means the business will make errors because of false information
It allows businesses to copy their competitors