4.1 Market Research

• What is the primary purpose of market research?

  Inform business decisions
• One method of market research is conducting surveys
• Focus groups are used to gather insights from target consumers.
• What are the two main categories of market research?

  Primary and secondary
• Primary research involves collecting data firsthand
• Secondary research is more expensive than primary research.

  False
• Match the research type with its key method:

  Primary Research ↔️ Surveys

  Secondary Research ↔️ Market reports
• Secondary research often focuses on quantitative data.
• Qualitative research measures 'how many' and 'how much'.

  False
• What type of data does quantitative research typically collect?

  Numerical data
• Quantitative research often uses statistical analysis for hypothesis testing.
• Qualitative methods are ideal for understanding consumer motivations.
• What is the purpose of surveys in market research?

  Collect data through questionnaires
• Primary research methods include surveys, interviews, and focus groups.
• Primary research is less expensive than secondary research.

  False
• What is the main goal of qualitative research?

  Understand opinions and motivations
• Qualitative research often uses focus groups and in-depth interviews.
• Experiments in market research establish causality between variables.
• Match the market research method with its advantage:

  Surveys ↔️ Broad reach

  Focus Groups ↔️ Rich qualitative data

  Observations ↔️ Real-world insights
• Market research reduces business risk by identifying potential challenges.
• How does market research improve marketing strategies?

  Understanding consumer needs
• Market research insights can lead to product reformulation.
• Qualitative research aims to understand consumer motivations and opinions.
• Quantitative research uses statistical analysis to measure consumer behavior.
• Which research methods are used in quantitative research?

  Surveys, experiments, data analysis
• Qualitative research uses small, targeted samples to gather in-depth insights.
• What are the two distinct approaches businesses use to understand their market?

  Qualitative and quantitative
• Qualitative research aims to measure consumer behavior and market trends

  False
• Qualitative research methods include interviews, focus groups, and observations
• What type of sample size is used in qualitative research?

  Small, targeted groups
• What is the purpose of quantitative research?

  Measure consumer behavior
• Match the method with its data type:

  Interviews ↔️ Descriptive insights

  Surveys ↔️ Numerical data
• Quantitative research uses small, targeted groups for data collection

  False
• Market research methods can be classified into surveys, focus groups, interviews, observations, and experiments
• What is a disadvantage of using surveys in market research?

  Low response rates
• Focus groups provide rich qualitative data and consumer insights
• Why are interviews considered time-consuming and expensive in market research?

  One-on-one conversations
• Observations in market research monitor consumer behavior
• Steps involved in conducting an experiment in market research

  1️⃣ Establish causality

  2️⃣ Precise manipulation

  3️⃣ Artificial environment
• Surveys are often used to gather detailed insights into consumer opinions

  False