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

• Technological Advancements

• Market Voids

• Market Shifts or volatility

• Strong customer loyalty

• Sources of revenue loss

• Expanding list of Competitors

• Competitors have weaknesses we coulc benefit from

• Evolving Customer Needs

• Best revenue sources

• Areas of improvement

• Outdated resources or equipment

• Obstacles

• Incompetencies

• Superior qualities

• Economic climate downturn

• Overall advantages

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.

• Data collection and analyze data for patterns

• State an hypothesis and develop a research plan

• Define the problem and learn about the problem

• Publish results and recommendations

• Research conclusions are made

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 society

• Social Trend

• Something that changes or can be changed

• Secondary Data

• Collected data for other purposes

• Research Sample

• Pattern change in consumer behavior

• Marketing Trend

• People on which research is done

• 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

• Improvement of customer experience

• Factual characteristics of a product or service

• Can be tangible or intangible

• One-of-a-kind finish

• Handcrafted

• Positive outcomes that the customer experiences

• Describe what the product does

• reasons why customers buy

• Heated seats

• comfortable ride in the cold

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• People who travel for water sports activities

• Everyone gets the same message

• Ignores customer differences

• Uses marketing mix for different target markets

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

• All people who like water sports