Principles of Marketing Quiz

What is the definition of market research?

Many businesses conduct market research to understand consumer needs and wants. Explain why a business would want to understand the needs and wants of consumers.

Another reason a business would conduct market research is to identify their target market. Explain the benefit of a business identifying their target market.

What are the two other main reasons a business would conduct market research?

A business may decide to conduct primary or secondary research. Explain the difference between these types of research.

Identify two methods used to obtain primary data.

Identify two methods used to obtain secondary data.

Both quantitative and qualitative data can be obtained through market research. Explain the difference between these two types of data.

State one type of quantitative data.

State one type of qualitative data.