2.2 Market Research

• Secondary research relies on existing data from government reports and industry publications
• Market research is solely about understanding customer behavior.

  False
• Market research helps businesses identify market opportunities but not threats.

  False
• Order the steps of primary research methods:

  1️⃣ Surveys

  2️⃣ Interviews

  3️⃣ Focus groups

  4️⃣ Observations
• Market research is crucial for understanding customer needs and behavior
• Market research helps businesses understand customer needs but does not reduce risk in decision-making.

  False
• Businesses use market research to reduce risks and capitalize on market opportunities
• Qualitative analysis is used to interpret unstructured data like interview transcripts
• Market research is the process of gathering and analyzing information about a target market to understand consumer needs and preferences
• Market research is crucial for businesses because it helps them understand customer needs
• Match the secondary research method with an example:

  Government reports ↔️ Census data

  Industry publications ↔️ Market reports

  Online databases ↔️ Financial reports
• Order the steps to evaluate the usefulness of market research methods:

  1️⃣ Identify advantages of each method

  2️⃣ Identify disadvantages of each method

  3️⃣ Compare primary and secondary research

  4️⃣ Combine methods for best results
• Primary research involves analyzing existing data from online databases.

  False
• Understanding customer needs is a key benefit of market research
• Match the type of research with its source or method:

  Primary Research ↔️ Surveys, Interviews, Focus Groups

  Secondary Research ↔️ Government reports, Online databases
• Understanding customer needs is essential for informing marketing strategies
• Match the secondary research method with an example:

  Government reports ↔️ Census data

  Industry publications ↔️ Trade journals

  Online databases ↔️ Market research reports
• Secondary research involves collecting new data directly from customers.

  False
• Data cleaning involves identifying patterns in statistical data.

  False
• Primary research is faster and less expensive than secondary research.

  False
• Analyzing market research data involves only statistical analysis.

  False
• What is the purpose of visualization in market research?

  Presenting findings visually
• Primary research involves analyzing existing data from government reports.

  False
• Order the primary research methods from least to most resource-intensive:

  1️⃣ Surveys

  2️⃣ Observations

  3️⃣ Interviews

  4️⃣ Focus groups
• Data visualization in market research is used to present findings through charts, graphs, and dashboards
• How does market research help businesses understand customer needs?

  Provides direct customer insights