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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 collaborate with competitors.
B) To ignore competitors in the market.
C) To understand competitor strategies and strengths.
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) Political, Economic, Social, Technological, Environmental, and Legal factors.
C) Product, Price, Place, Promotion, People, Process, and Physical evidence.
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) Ignoring data analysis in research.
B) Surveying a small group of customers.
C) Gathering data only from primary sources.
D) Analyzing large sets of data to discover patterns and insights.
  • 6. 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.
  • 7. Why is market research important for product development?
A) To ignore market trends.
B) To develop products based on intuition.
C) To ensure that products meet customer needs and preferences.
D) To increase production costs.
  • 8. What role does technology play in modern market research?
A) Eliminating the need for data analysis.
B) Enabling faster data collection and analysis.
C) Increasing manual data entry.
D) Slowing down the research process.
  • 9. How can a company use market research to improve customer satisfaction?
A) By ignoring customer complaints.
B) By selling products without consideration for quality.
C) By identifying areas for improvement based on customer feedback.
D) By only focusing on profits.
  • 10. How can market research help a business identify new opportunities?
A) By ignoring customer feedback.
B) By focusing solely on existing products.
C) By avoiding competitor analysis.
D) By analyzing market trends and consumer behavior.
  • 11. Which of the following is considered a primary research method?
A) Internet Research
B) Market Segmentation
C) Surveys
D) Data Analysis
  • 12. Which of the following is an example of secondary research?
A) Observing consumer behavior
B) Conducting focus groups
C) Reading industry reports
D) Testing new product concepts
  • 13. Which of the following is a demographic factor that can be analyzed in market research?
A) Market share
B) Product color
C) Customer satisfaction
D) Age
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