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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 understand competitor strategies and strengths.
B) To ignore competitors in the market.
C) To sue competitors for infringement.
D) To collaborate with competitors.
  • 2. A target market is:
A) A group of competitors in the market.
B) The total number of products a business sells.
C) The overall economy of a country.
D) A specific group of consumers a business aims to reach with its products.
  • 3. What does a PESTEL analysis assess in market research?
A) Customer preferences in different market segments.
B) Competitor performance in the market.
C) Political, Economic, Social, Technological, Environmental, and Legal factors.
D) Product, Price, Place, Promotion, People, Process, and Physical evidence.
  • 4. What is meant by the term 'market segmentation'?
A) Ignoring consumer preferences.
B) Dividing the market into smaller, homogenous groups based on characteristics.
C) Competing solely on price.
D) Selling products in different countries.
  • 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) Surveying a small group of customers.
D) Ignoring data analysis in research.
  • 6. How can a company use market research to improve customer satisfaction?
A) By identifying areas for improvement based on customer feedback.
B) By only focusing on profits.
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) 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) Slowing down the research process.
C) Enabling faster data collection and analysis.
D) Increasing manual data entry.
  • 9. Which of the following is an example of secondary research?
A) Observing consumer behavior
B) Testing new product concepts
C) Reading industry reports
D) Conducting focus groups
  • 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 collaborate with competitors.
D) To ignore competitors' strategies.
  • 11. Which of the following is considered a primary research method?
A) Market Segmentation
B) Surveys
C) Data Analysis
D) Internet Research
  • 12. Why is market research important for product development?
A) To increase production costs.
B) To ignore market trends.
C) To ensure that products meet customer needs and preferences.
D) To develop products based on intuition.
  • 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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