What is market research?

• The process of increasing sales directly to customers.

• The collection, presentation, and analysis of information relating to the marketing and consumption of goods and services.

• A method for businesses to reduce their taxes.

• The process of hiring new employees for marketing roles.

Why do businesses conduct market research?

• To identify and understand customer needs.

• To choose the company logo.

• To decide on the company's holiday schedule.

• To determine the CEO's salary.

What is a potential benefit of identifying gaps in the market through market research?

• It can lead to a decrease in overall sales.

• It can result in a competitive edge for a while.

• It can cause the business to go bankrupt.

• It can lead to overproduction of goods.

What is considered one of the most important decisions made by a business about a product, as informed by market research?

• Location of the headquarters.

• The color of the product packaging.

• The price of the product.

• The name of the product.

What is a disadvantage of primary research?

• It is always irrelevant to the business.

• It is often time-consuming and expensive.

• It provides outdated information.

• It is less accurate than secondary research.

What is an advantage of employing a market research agency?

• They provide free services to businesses.

• They are experts in gathering, presenting, and analyzing information.

• They reduce the need for a marketing department.

• They guarantee increased sales.

Which of the following is a feature of a good questionnaire used in market research?

• Only open questions.

• Only closed questions.

• A balance of open and closed questions.

• No need for questions, just images.

What is a disadvantage of postal surveys according to the text?

• They are very expensive to conduct.

• They can be completed quickly.

• The majority of questionnaires are never returned.

• They offer a high level of control over who participates.

Which type of interview is described as having a wide geographical area coverage?

• Postal surveys

• Telephone interviews

• Personal interviews

• Online surveys

According to the text, what is a potential issue with personal interviews?

• They are the cheapest way to conduct interviews.

• They allow for detailed information to be collected.

• Many people do not like being approached in the street.

• They are less time-consuming than other methods.