What is the purpose of market research?
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B. To understand customer needs and preferences. Market research helps businesses understand what customers want, which is essential for developing products and marketing strategies.
Which of the following is a primary research method?
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B. Conducting online surveys. Primary research involves collecting new data directly from sources, such as through surveys or interviews.
What is a benefit of using secondary research?
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B. It is often less expensive than primary research. Secondary research uses existing data, which can be more cost-effective than collecting new data.
Why is sampling important in market research?
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D. To obtain a representative view of the market. Sampling allows researchers to gather insights from a smaller group that reflects the characteristics of the larger population.
Which method of primary research involves a small group discussion?
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D. Focus group. Focus groups involve a small group of people discussing a topic, providing qualitative insights.
What is a limitation of using postal questionnaires?
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B. They can have a low response rate. Postal questionnaires may not always be returned, leading to potential bias in the results.
How can businesses use market research data?
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B. To develop new products and marketing strategies. Market research data helps businesses understand what products to develop and how to market them effectively.
What is a benefit of using online surveys?
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B. They can reach a large number of people quickly. Online surveys are efficient and can gather data from a wide audience in a short time.
Which of the following is a method of secondary research?
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B. Accessing commercial market research reports. Secondary research involves using existing data from sources like reports and government statistics.
What is a potential factor that could influence the accuracy of market research data?
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B. The time of year the research is conducted. Seasonal factors can affect customer behaviour and responses, impacting the accuracy of the data.
Why might a business choose to use a focus group?
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B. To obtain detailed qualitative insights. Focus groups provide in-depth, qualitative data through group discussions.
What is a limitation of using interviews for market research?
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B. They can be time-consuming and expensive. Interviews require more resources and time compared to other methods like surveys.
How can businesses present market research data effectively?
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B. By using graphs, charts, and diagrams. Visual representations help to clearly communicate data and make it easier to understand.
What is a benefit of analysing market research data in the form of charts?
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B. Charts can highlight trends and patterns easily. Visual aids like charts make it simpler to identify key insights from the data.
Which of the following is an example of a market-orientated business using market research?
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B. A business that develops products based on customer needs. Market-orientated businesses use market research to understand and meet customer needs.