ThatQuiz Test Library Take this test now
Market Research - Exam
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 collaborate with competitors.
B) To understand competitor strategies and strengths.
C) To ignore competitors in the market.
D) To sue competitors for infringement.
  • 2. A target market is:
A) A group of competitors in the market.
B) A specific group of consumers a business aims to reach with its products.
C) The total number of products a business sells.
D) The overall economy of a country.
  • 3. What does a PESTEL analysis assess in market research?
A) Customer preferences in different market segments.
B) Product, Price, Place, Promotion, People, Process, and Physical evidence.
C) Competitor performance in the market.
D) Political, Economic, Social, Technological, Environmental, and Legal factors.
  • 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) Selling products in different countries.
D) Competing solely on price.
  • 5. What is 'data mining' in the context of market research?
A) Analyzing large sets of data to discover patterns and insights.
B) Surveying a small group of customers.
C) Ignoring data analysis in research.
D) Gathering data only from primary sources.
  • 6. How can a company use market research to improve customer satisfaction?
A) By only focusing on profits.
B) By ignoring customer complaints.
C) By identifying areas for improvement based on customer feedback.
D) By selling products without consideration for quality.
  • 7. Which of the following is a demographic factor that can be analyzed in market research?
A) Age
B) Customer satisfaction
C) Market share
D) Product color
  • 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) Conducting focus groups
B) Reading industry reports
C) Observing consumer behavior
D) Testing new product concepts
  • 10. What is the goal of a market researcher in a competitive analysis?
A) To copy competitors' products.
B) To identify opportunities for competitive advantage.
C) To ignore competitors' strategies.
D) To collaborate with competitors.
  • 11. Which of the following is considered a primary research method?
A) Surveys
B) Internet Research
C) Market Segmentation
D) Data Analysis
  • 12. Why is market research important for product development?
A) To increase production costs.
B) To develop products based on intuition.
C) To ensure that products meet customer needs and preferences.
D) To ignore market trends.
  • 13. How can market research help a business identify new opportunities?
A) By focusing solely on existing products.
B) By avoiding competitor analysis.
C) By analyzing market trends and consumer behavior.
D) By ignoring customer feedback.
Created with That Quiz — a math test site for students of all grade levels.