Market Research Quiz 2

Which of the following is a reason why businesses conduct market research? To identify market opportunities and get a better insight into:

• Employees

• Shareholders

• Customers

• Owners

Which of the following is an example of secondary market research?

• Questionnaire

• Focus groups

• Interviews

• Trade magazines

Information regarding the size and growth of a market can be gathered via market research. The data collected most likely refers to:

• Market share

• Competitors

• Target market

• Demand

Which of the following statements best describes the term primary market research?

• Data collected first-hand for a specific purpose

• Data already collected for a specific purpose

• Data collected first-hand for a general purpose

• Data already collected for a general purpose

Which of the following is a drawback to a business of conducting market research?

• Goods and services can be produced that meet customer needs

• Markets may change so quickly that the research becomes out of date

• Business decisions will not be based on guesswork

• A price can be set that customers are prepared to pay

The chart below shows the number of new cars sold in the UK last year and this year. Using the chart above, which of the following best describes what has happened to the size of the new car market in the UK from last year to this year?

• Market size in terms of sales volume has increased

• Market size in terms of sales volume has decreased

• Market size in terms of sales value has increased

• Market size in terms of sales value has decreased

Which of the following questions is most likely to result in the gathering of qualitative data?

• Why?

• How many?

• When?

• How often?

Which of the following best describes the term market share?

• The process of gathering and analysing data

• The group of customers at which a good or service is aimed

• The percentage of total market sales sold by one business

• The total sales of a market in terms of value or volume

Which of the following is a benefit to a business of using secondary market research?

• Data will always be fully useful to the business

• Data is unlikely to be misleading to the business’s needs

• Data will always be up to date

• Data can be gathered quickly

Which of the following is most likely to be a benefit of collecting data via a focus group?

• The data collected is usually quantitative and easy to analyse

• Detailed information can be collected about consumer tastes

• They are quick and inexpensive to conduct

• A large sample size is usually involved making the data fully reliable