Virtual Business Fall 2024 Final Exam Review

What is the primary purpose of market research?

• To develop a marketing budget

• To understand customer preferences and behaviors

• To hire more employees

• To increase the price of products

Which of the following is an example of primary research?

• Reading online industry reports

• Conducting a customer survey

• Reviewing competitor pricing online

• Using census data

A target market is:

• A list of every possible customer

• A specific group of customers most likely to buy a product

• Any individual visiting the store

• A type of market defined by competitors

What is the difference between qualitative and quantitative data?

• Quantitative data is descriptive; qualitative data is numerical

• Qualitative data describes emotions; quantitative data measures quantities

• Quantitative data involves numbers; qualitative data involves descriptions

• They are the same thing

Why is it important to research competitors in market research?

• To imitate their pricing and strategies

• To identify strengths and weaknesses in their approach

• To lower prices below cost

• To avoid marketing similar products

What is the definition of Primary Research?

• Specific group of customers a business targets

• Data collected from existing sources

• Direct data collection from surveys or interviews

• Study of customer decision-making processes

What does Secondary Research involve?

• Data expressed in numerical form

• Data collected from existing sources

• Study of customer decision-making processes

• Specific group of customers a business targets

Which term refers to a specific group of customers a business targets?

• Target Market

• Consumer Behavior

• Quantitative Data

• Primary Research

What is the study of customer decision-making processes called?

• Quantitative Data

• Secondary Research

• Consumer Behavior

• Primary Research

Which type of data is expressed in numerical form?

• Primary Research

• Quantitative Data

• Target Market

• Consumer Behavior