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