Business Planning and Market Research Quiz
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Questions and Answers

What is the purpose of determining the target market?

  • To eliminate competition
  • To decrease product quality
  • To set high prices for products
  • To tailor specific needs of customers (correct)

    • Which factor is crucial for analyzing market trends?

  • Neglecting potential business opportunities
  • Using resources wisely (correct)
  • Developing identical products to competitors
  • Making decisions based on assumptions

    • Why is estimating market size important for businesses?

  • To decrease overall performance
  • To make strategic decisions based on facts (correct)
  • To limit the customer base
  • To ignore potential growth opportunities

    • What does the service requirement specify?

    <p>Expected results of a project</p> Signup and view all the answers

    What is the significance of product differentiation?

    <p>Creating unique products</p> Signup and view all the answers

    How can businesses leverage analyzing market trends?

    <p>By adjusting their products based on current consumer preferences</p> Signup and view all the answers

    Which element of the marketing mix is responsible for improving consumer demand?

    <p>Promotion</p> Signup and view all the answers

    What is the purpose of a mission statement in a company?

    <p>Describe the overall purpose and direction of the company</p> Signup and view all the answers

    Which type of research tool is considered the most reliable and credible for gathering information from the target market?

    <p>Personal interview</p> Signup and view all the answers

    What is the primary function of data collection in research studies?

    <p>Provide credibility to research</p> Signup and view all the answers

    Which element of the 4Ps marketing mix focuses on satisfying the needs of the target market with tangible and intangible offerings?

    <p><strong>Product</strong></p> Signup and view all the answers

    What is the purpose of market segmentation?

    <p>To divide the market into distinctive groups based on characteristics</p> Signup and view all the answers

    What differentiates the 7 P's of Marketing Mix from the traditional 4Ps?

    <p><strong>Product differentiation</strong></p> Signup and view all the answers

    What does market size estimation involve?

    <p>Estimating the total potential demand for a product or service</p> Signup and view all the answers

    Which factor is NOT typically considered in demographic segmentation?

    <p>Loyalty</p> Signup and view all the answers

    What is the primary goal of analyzing market trends?

    <p>To understand consumer needs and preferences</p> Signup and view all the answers

    How does market research help in product differentiation?

    <p>By gathering information about consumer preferences</p> Signup and view all the answers

    Which aspect is essential for understanding customer requirements?

    <p>Considering service and output needed by consumers</p> Signup and view all the answers

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