Unit 3- Market Research

Sort the market research result options below that best belong to the each of the SWOT components.

Groups:

(a) Strength

,

(b) Weakness

,

(c) Opportunity

,

(d) Threat

• Outdated resources or equipment

• Market Shifts or volatility

• Technological Advancements

• Superior qualities

• Competitors have weaknesses we coulc benefit from

• Economic climate downturn

• Evolving Customer Needs

• Incompetencies

• Strong customer loyalty

• Obstacles

• Market Voids

• Sources of revenue loss

• Overall advantages

• Expanding list of Competitors

• Areas of improvement

• Best revenue sources

Which of the options below are sources of primary data, select all that apply?

• Data from observations

• Data from Government Sources

• Data from interviews

• Data from surveys

• Data from small business organizations

Reorder the following steps of market research.

• State an hypothesis and develop a research plan

• Research conclusions are made

• Publish results and recommendations

• Data collection and analyze data for patterns

• Define the problem and learn about the problem

What is the difference between qualitative and quantitative research, and what types of research tools would likely be used for each?

Describe the importance of market research in business.

Match the following

• Pattern change in consumer behavior

• Social Trend

• People on which research is done

• Research Sample

• Something that changes or can be changed

• Secondary Data

• Pattern change in society

• Variable

• Collected data for other purposes

• Marketing Trend

Which of the following options should NOT be included in the process of conducting a focus group? Select all that apply.

• Include people not in the target market

• Be hospitable

• Use yes or no questions

• Have questions planned ahead of time

Which of the two below are direct competitors? Select the two that apply.

• Keds

• Nike

• Michael Kors

• Addidas

Organize these options into the right categories

Groups:

(a) Feature

,

(b) Benefit

• One-of-a-kind finish

• Can be tangible or intangible

• comfortable ride in the cold

• Positive outcomes that the customer experiences

• Factual characteristics of a product or service

• Heated seats

• reasons why customers buy

• Improvement of customer experience

• Describe what the product does

• Handcrafted

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• People who travel for water sports activities

• All people who like water sports

• Everyone gets the same message

• Uses marketing mix for different target markets

• Ignores customer differences

• Money is put where there is the best chance for ROI