Market Research Quiz Template

The purpose of carrying out market research is to find out customers' expectations. Market research involves gathering information about customers' needs, preferences, and behaviors in order to understand what they want and expect from a product or service. This information is crucial for businesses to develop and improve their offerings, tailor their marketing strategies, and ultimately meet the needs of their target market. By understanding customers' expectations, businesses can make informed decisions and develop products and services that are more likely to succeed in the market.

Primary research is any type of research that you go out and collect yourself. Examples include surveys, interviews, observations, and ethnographic research. A good researcher knows how to use both primary and secondary sources in their writing and to integrate them cohesively.

Market research is the action or activity of gathering information about consumers' needs and preferences.

A manager can use market research to analyze and select target markets by determining market characteristics and trends. This helps in understanding the preferences, needs, and behaviors of the target market, enabling the manager to tailor their marketing strategies accordingly. Additionally, determining the price people are willing to pay is crucial in setting competitive pricing strategies that attract the target market. Creating multiple market segments allows the manager to identify different groups within the target market and develop targeted marketing campaigns to effectively reach and engage each segment.

Secondary research (also known as desk research) involves the summary, collation and/or synthesis of existing research rather than primary research, in which data are collected from, for example, research subjects or experiments.

The correct answer is "It's an expensive and time consuming process." Conducting field research requires a significant amount of resources, including funding, time, and manpower. Researchers need to travel to the specific location, gather data, and analyze it, which can be a lengthy and costly process. Additionally, field research often involves working in unpredictable and challenging environments, which further adds to the time and expenses involved.

Market research should be carried out after a product launch to assess customer response. This is because conducting market research at this stage allows businesses to gather valuable feedback and insights from customers. It helps in understanding how the product is being received in the market, identifying any issues or areas for improvement, and making informed decisions to enhance the product or marketing strategies. By conducting market research after a product launch, businesses can effectively evaluate customer satisfaction, preferences, and overall market demand, enabling them to make necessary adjustments and improvements to achieve success in the market.

Observational market research involves directly observing and recording various aspects of individuals' behavior in different situations. This can include recording many elements of a person's behavior in various scenarios, such as their reactions, preferences, and decision-making processes. It also involves observing and recording individuals during a shopping trip to understand their shopping behavior and preferences. Additionally, recording non-verbal behavior, such as body language and facial expressions, can provide valuable insights into individuals' thoughts and emotions.

Managers can use market research to identify and evaluate opportunities by estimating the market potential and making predictions about future environmental conditions. This helps them understand the potential demand for their products or services and anticipate any changes in the market that may affect their business. Additionally, market research can help managers develop new products and price structures to evaluate how their offerings can perform better against competitors. By analyzing market trends and consumer preferences, managers can make informed decisions and capitalize on opportunities in the market.