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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) The overall economy of a country.
C) A group of competitors in the market.
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) Product, Price, Place, Promotion, People, Process, and Physical evidence.
B) Competitor performance in the market.
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) Ignoring consumer preferences.
B) Competing solely on price.
C) Selling products in different countries.
D) Dividing the market into smaller, homogenous groups based on characteristics.
  • 5. What is 'data mining' in the context of market research?
A) Surveying a small group of customers.
B) Gathering data only from primary sources.
C) Ignoring data analysis in research.
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 collaborate with competitors.
C) To copy competitors' products.
D) To identify opportunities for competitive advantage.
  • 7. 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.
  • 8. What role does technology play in modern market research?
A) Slowing down the research process.
B) Enabling faster data collection and analysis.
C) Increasing manual data entry.
D) Eliminating the need for data analysis.
  • 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 analyzing market trends and consumer behavior.
D) By avoiding competitor analysis.
  • 11. Which of the following is considered a primary research method?
A) Internet Research
B) Surveys
C) Market Segmentation
D) Data Analysis
  • 12. Which of the following is an example of secondary research?
A) Conducting focus groups
B) Observing consumer behavior
C) Testing new product concepts
D) Reading industry reports
  • 13. Which of the following is a demographic factor that can be analyzed in market research?
A) Product color
B) Customer satisfaction
C) Market share
D) Age
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