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Questions and Answers
What is one of the benefits of market research?
What is one of the benefits of market research?
Desk research often provides very specific and up-to-date information.
Desk research often provides very specific and up-to-date information.
False
What process involves gathering and analyzing information about a potential market?
What process involves gathering and analyzing information about a potential market?
Market Research
Market research tests consumer reaction to product samples, packaging, and ___ .
Market research tests consumer reaction to product samples, packaging, and ___ .
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Match the types of market research with their nature:
Match the types of market research with their nature:
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Which of the following is NOT a source of market research?
Which of the following is NOT a source of market research?
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Field research usually involves analyzing existing data.
Field research usually involves analyzing existing data.
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Name one disadvantage of desk research.
Name one disadvantage of desk research.
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What is a primary advantage of field research?
What is a primary advantage of field research?
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Field research is time-efficient and inexpensive.
Field research is time-efficient and inexpensive.
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Name one method of market segmentation.
Name one method of market segmentation.
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________ segmentation divides consumers based on how they react to certain situations.
________ segmentation divides consumers based on how they react to certain situations.
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Match the segmentation types with their descriptions:
Match the segmentation types with their descriptions:
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Which of the following is NOT an advantage of market segmentation?
Which of the following is NOT an advantage of market segmentation?
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Psychological segmentation can help sell products by analyzing consumer lifestyles.
Psychological segmentation can help sell products by analyzing consumer lifestyles.
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What is a key disadvantage of field research?
What is a key disadvantage of field research?
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What is one advantage of targeting a niche market?
What is one advantage of targeting a niche market?
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Creating a product for multiple markets tends to lower profit margins.
Creating a product for multiple markets tends to lower profit margins.
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What are the 4 P's of marketing?
What are the 4 P's of marketing?
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A _________ market has a small specialized section with only a few suppliers.
A _________ market has a small specialized section with only a few suppliers.
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Which of the following can lower marketing costs?
Which of the following can lower marketing costs?
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Higher production costs are often associated with niche markets.
Higher production costs are often associated with niche markets.
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What is the purpose of market research in marketing strategy?
What is the purpose of market research in marketing strategy?
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Study Notes
Market Research
- Market research is the process of gathering and analyzing information about a potential market for a product to satisfy consumer needs.
- Benefits of market research include identifying whether the market is growing or shrinking and the size of the potential market.
- Market research also provides information about consumers, including demographics (age, gender, income), tastes, and preferences.
- Market research identifies competitors and their strengths and weaknesses and examines consumer reaction to product samples, packaging, and pricing.
- Market research helps predict likely sales levels and optimum production amounts before product launch.
Target Market
- Target market is a description of consumers a business aims its product at.
- Sources of market research include desk and field research.
Desk Research
- Desk research uses existing information gathered by others, such as internal company reports, government agency data (CSO), customer surveys, internet data, customer feedback, newspapers, periodicals, industry publications, interest groups, and trade associations.
Field Research
- Field research involves gathering information directly from customers and competitors, such as interviewing a sample group that is representative of the larger target market.
- Benefits of field research include accurate and up-to-date information.
- Field research can help determine consumer trends and consumer needs.
- Limitations of field research might be cost and time.
Market Segmentation
- Market segmentation divides consumers into groups based on common characteristics.
- Types of segmentation include:
- Psychological: analyzes consumers based on attitudes, tastes, lifestyles (e.g., Mars bars).
- Geographical: divides consumers based on their location.
- Behavioural: divides consumers based on how they react to certain situations.
Niche Market
- Niche market is a specialized section of a larger market with only a few suppliers.
Marketing Strategy
- Marketing strategy is a plan for identifying and satisfying consumer needs, based on market research.
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Description
This quiz covers the fundamentals of market research, including its purpose, benefits, and methods used to gather consumer information. It also explores the concept of target markets and the difference between desk and field research. Test your knowledge on these key concepts essential for understanding market dynamics.
