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

• Best revenue sources

• Superior qualities

• Incompetencies

• Strong customer loyalty

• Areas of improvement

• Competitors have weaknesses we coulc benefit from

• Market Shifts or volatility

• Technological Advancements

• Economic climate downturn

• Expanding list of Competitors

• Evolving Customer Needs

• Overall advantages

• Sources of revenue loss

• Obstacles

• Outdated resources or equipment

• Market Voids

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.

• Publish results and recommendations

• State an hypothesis and develop a research plan

• Research conclusions are made

• 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

• People on which research is done

• Secondary Data

• Something that changes or can be changed

• Marketing Trend

• Collected data for other purposes

• Social Trend

• Pattern change in society

• Research Sample

• Pattern change in consumer behavior

• Variable

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

• reasons why customers buy

• Improvement of customer experience

• Can be tangible or intangible

• Positive outcomes that the customer experiences

• Describe what the product does

• Heated seats

• comfortable ride in the cold

• One-of-a-kind finish

• Handcrafted

• Factual characteristics of a product or service

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• Ignores customer differences

• Uses marketing mix for different target markets

• All people who like water sports

• Everyone gets the same message

• People who travel for water sports activities

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