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Market Research
Contributed by: Pike
  • 1. Market research is the process of collecting, analyzing, and interpreting information about a market, including customers, competitors, and industry trends. This information helps businesses understand the needs and preferences of their target audience, identify potential opportunities and threats, and make informed decisions about product development, marketing strategies, and business growth. Market research involves a variety of techniques, such as surveys, focus groups, and data analysis, to gather insights that can drive business success and ensure a competitive edge in the marketplace.

    What is the purpose of competitor analysis in market research?
A) To sue competitors for infringement.
B) To collaborate with competitors.
C) To understand competitor strategies and strengths.
D) To ignore competitors in the market.
  • 2. A target market is:
A) The total number of products a business sells.
B) A group of competitors in the market.
C) A specific group of consumers a business aims to reach with its products.
D) The overall economy of a country.
  • 3. What does a PESTEL analysis assess in market research?
A) Competitor performance in the market.
B) Product, Price, Place, Promotion, People, Process, and Physical evidence.
C) Customer preferences in different market segments.
D) Political, Economic, Social, Technological, Environmental, and Legal factors.
  • 4. What is meant by the term 'market segmentation'?
A) Selling products in different countries.
B) Competing solely on price.
C) Dividing the market into smaller, homogenous groups based on characteristics.
D) Ignoring consumer preferences.
  • 5. What is 'data mining' in the context of market research?
A) Gathering data only from primary sources.
B) Analyzing large sets of data to discover patterns and insights.
C) Ignoring data analysis in research.
D) Surveying a small group of customers.
  • 6. How can a company use market research to improve customer satisfaction?
A) By only focusing on profits.
B) By identifying areas for improvement based on customer feedback.
C) By selling products without consideration for quality.
D) By ignoring customer complaints.
  • 7. Which of the following is a demographic factor that can be analyzed in market research?
A) Product color
B) Age
C) Market share
D) Customer satisfaction
  • 8. What role does technology play in modern market research?
A) Slowing down the research process.
B) Eliminating the need for data analysis.
C) Enabling faster data collection and analysis.
D) Increasing manual data entry.
  • 9. Which of the following is an example of secondary research?
A) Reading industry reports
B) Conducting focus groups
C) Observing consumer behavior
D) Testing new product concepts
  • 10. What is the goal of a market researcher in a competitive analysis?
A) To ignore competitors' strategies.
B) To identify opportunities for competitive advantage.
C) To collaborate with competitors.
D) To copy competitors' products.
  • 11. Which of the following is considered a primary research method?
A) Market Segmentation
B) Internet Research
C) Surveys
D) Data Analysis
  • 12. Why is market research important for product development?
A) To ignore market trends.
B) To increase production costs.
C) To develop products based on intuition.
D) To ensure that products meet customer needs and preferences.
  • 13. How can market research help a business identify new opportunities?
A) By analyzing market trends and consumer behavior.
B) By focusing solely on existing products.
C) By avoiding competitor analysis.
D) By ignoring customer feedback.
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