Market Research Quiz Questions! Trivia

1.

What type of market research is a survey?
- A.
  
  Primary Research
- B.
  
  Secondary Research
- C.
  
  Desk research
- D.
  
  Lab research
Correct Answer
A. Primary Research

Explanation
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.

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2.

What is meant by desk research?
- A.
  
  Doing field research
- B.
  
  Research about different desk sizes
- C.
  
  Doing secondary research
- D.
  
  Doing primary research
Correct Answer
C. Doing secondary research

Explanation
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.

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3.

What is the purpose of carrying out market research?
- A.
  
  To find out customers' expectations
- B.
  
  To provide employment opportunities for the researchers
- C.
  
  To expose customers to new products
- D.
  
  To sell new products directly to customers
Correct Answer
A. To find out customers' expectations

Explanation
The purpose of carrying out market research is to gather information about customers' expectations. By conducting market research, businesses can gain insights into what customers want, their preferences, and their needs. This information helps businesses make informed decisions about product development, marketing strategies, and customer satisfaction. Market research allows businesses to understand their target audience better, identify market trends, and stay ahead of their competitors. Ultimately, the goal is to meet and exceed customers' expectations, leading to increased customer satisfaction and loyalty.

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4.

When should market research be carried out?
- A.
  
  Market research should not be carried out at all.
- B.
  
  According to the market status
- C.
  
  After a product launch to assess customer response
- D.
  
  Anytime. The timing of market research is not important.
Correct Answer
C. After a product launch to assess customer response

Explanation
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 insights and feedback from customers about their product. It helps in understanding customer satisfaction, identifying areas for improvement, and making informed decisions for future product development or marketing strategies. By conducting research after a product launch, businesses can effectively gauge the success of their product in the market and make necessary adjustments to meet customer demands and preferences.

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5.

What's the disadvantage of conducting field research?
- A.
  
  It's not timely
- B.
  
  Researchers often cheat
- C.
  
  It's an expensive and time consuming process.
- D.
  
  Collated information is usually unreliable
Correct Answer
C. It's an expensive and time consuming process.

Explanation
Field research is a disadvantageous method due to its expensive and time-consuming nature. Conducting field research requires significant financial resources for travel, equipment, and data collection. Additionally, it can be a lengthy process as researchers need to spend time in the field, collecting data, and analyzing results. This can delay the research process and make it less efficient compared to other methods. Therefore, the expense and time commitment involved in field research make it a disadvantageous approach.

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6.

What are some examples of observational market research?
- A.
  
  Observe the interviewer and how they ask questions
- B.
  
  Record many elements of a person's behavior in many situations
- C.
  
  Record the TV show 20 - 1
- D.
  
  Individuals being recorded during a shopping trip
- E.
  
  Recording no-verbal behavior of an individual
Correct Answer(s)
B. Record many elements of a person's behavior in many situations
D. Individuals being recorded during a shopping trip
E. Recording no-verbal behavior of an individual

Explanation
The examples provided in the answer all involve observing and recording various aspects of individuals' behavior in different situations. This type of observational market research involves directly observing and documenting how people behave, interact, and make decisions in real-life settings. By recording and analyzing these behaviors, researchers can gain valuable insights into consumer preferences, attitudes, and motivations, which can inform marketing strategies and product development.

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7.

What is the definition of Market Research?
- A.
  
  The systematic and objective process of generating information to aid in making marketing decisions
- B.
  
  The system of finding the correct answers to our objectives
- C.
  
  Market Intelligence
- D.
  
  All of the above
- E.
  
  None of the above
Correct Answer
A. The systematic and objective process of generating information to aid in making marketing decisions

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

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8.

How can a manager use market research to analyze and select target markets?
- A.
  
  Determine market characteristics and trends
- B.
  
  Determine the price people are willing to pay
- C.
  
  Create multiple market segments
- D.
  
  Design a logo
- E.
  
  What to have for lunch today
Correct Answer(s)
A. Determine market characteristics and trends
B. Determine the price people are willing to pay
C. Create multiple market segments

Explanation
A manager can use market research to analyze and select target markets by determining market characteristics and trends. This involves understanding the demographics, preferences, and behaviors of potential customers. Additionally, determining the price people are willing to pay is crucial for targeting the right market segment and setting appropriate pricing strategies. Creating multiple market segments allows the manager to identify specific groups of customers with distinct needs and preferences, enabling them to tailor marketing efforts accordingly. Designing a logo and deciding what to have for lunch today are not relevant to using market research for analyzing and selecting target markets.

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9.

How can managers use market research to identify and evaluate opportunities?
- A.
  
  Understand different items to be displayed at Point of Sale
- B.
  
  Estimate of market potential and make predictions about future environmental conditions
- C.
  
  Develop new products and price structure to evaluate how your product can perform better against competitors
- D.
  
  Who should be hired for promotional product pushing?
- E.
  
  Who cares?
Correct Answer(s)
B. Estimate of market potential and make predictions about future environmental conditions
C. Develop new products and price structure to evaluate how your product can perform better against competitors

Explanation
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 size of the market and anticipate any changes or trends that may affect their business. Additionally, market research can help managers develop new products and price structures to evaluate how their product can perform better against competitors. By analyzing market research data, managers can gain insights into customer preferences and make informed decisions to capitalize on opportunities in the market.

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Market Research Quiz Questions! Trivia

What type of market research is a survey?

What is meant by desk research?

What is the purpose of carrying out market research?

When should market research be carried out?

What's the disadvantage of conducting field research?

What are some examples of observational market research?

What is the definition of Market Research?

How can a manager use market research to analyze and select target markets?

How can managers use market research to identify and evaluate opportunities?