1.2.2 Market research

• Market research is the process of gathering information about customers, competitors, and the market
• What is an example of a method used in primary research?

  Surveys
• Why is understanding customer needs important in market research?

  Better product design
• What are focus groups used for in primary research?

  Collecting new data
• What is the primary goal of market research?

  Gathering information
• What is the purpose of conducting surveys, interviews, or focus groups in market research?

  Understand customer needs
• How does market research reduce risk in business decisions?

  Provides market insights
• Match the advantages of market research with their descriptions:

  Provides clear insights into customer needs ↔️ Identifies what customers want and expect

  Identifies market trends and opportunities ↔️ Enables innovation and competitive advantage

  Enhances competitive positioning ↔️ Understanding competitors' strengths and weaknesses
• Primary research involves collecting new data directly from the target market
• Secondary research is generally faster and cheaper but may be less relevant
• Focus groups require skilled moderators
• Industry reports provide in-depth analyses of specific industry trends
• Match the secondary market research method with its definition:

  Industry Reports ↔️ In-depth analyses of a specific industry

  Government Statistics ↔️ Data collected by government agencies

  Competitor Analysis ↔️ Information about competitors' strategies

  Online Data ↔️ Analyzing web traffic and social media
• Market research is the process of gathering information about customers, competitors, and the market
• Market research can be time-consuming and expensive


  True
• Secondary market research involves analyzing existing data from external sources
• Why do businesses use a combination of primary research methods?

  To gain a comprehensive understanding
• Secondary research is always more current and relevant than primary research

  False
• Why is inferential statistics used in market research?

  To test hypotheses
• What is the primary goal of market research?

  Gathering information
• Match the type of market research with its definition:

  Primary Research ↔️ Collecting new data

  Secondary Research ↔️ Analyzing existing data
• Market research is only necessary for new businesses.

  False
• Order the advantages of market research based on their impact:

  1️⃣ Provides clear insights into customer needs

  2️⃣ Identifies market trends and opportunities

  3️⃣ Enhances competitive positioning

  4️⃣ Reduces business risk and uncertainty

  5️⃣ Improves product development and marketing efficiency
• Primary research is more time-consuming and expensive than secondary research.


  True
• How does market research reduce risk in business decisions?

  Provides market feasibility
• Understanding competitors' strategies allows businesses to develop effective marketing campaigns.

  True
• Market research involves gathering information about customers, competitors, and the market environment.


  True
• Why is market research vital for businesses?

  Improves strategic decision-making
• What is a key advantage of primary research?

  Provides tailored insights
• Interviews are time-consuming but provide in-depth qualitative insights.


  True
• What is a key source of data in secondary research?

  Industry reports
• Secondary market research involves analyzing existing data from external sources
• Secondary data is always current and relevant to the business's specific needs

  False
• Market research is essential for businesses to understand customers, track market trends, and assess competitors
• Secondary research data is always up-to-date

  False
• Observations in market research involve watching and recording customer behavior in natural settings


  True
• Match the secondary research method with its definition:

  Industry Reports ↔️ In-depth analyses of a specific industry

  Government Statistics ↔️ Data published by government agencies

  Competitor Analysis ↔️ Information about competitors' strategies

  Online Data ↔️ Web traffic and social media analysis
• Descriptive statistics provide a clear overview of the data
• Interpreting market research findings involves looking for patterns and outliers in the data


  True
• Understanding customer needs is a key reason to conduct market research.


  True