Market Research Quiz Questions! Trivia

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.

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.

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.

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.

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

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.

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.

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.

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.