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

• Market Shifts or volatility

• Superior qualities

• Competitors have weaknesses we coulc benefit from

• Overall advantages

• Outdated resources or equipment

• Best revenue sources

• Market Voids

• Obstacles

• Technological Advancements

• Economic climate downturn

• Incompetencies

• Strong customer loyalty

• Expanding list of Competitors

• Areas of improvement

• Sources of revenue loss

• Evolving Customer Needs

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.

• Define the problem and learn about the problem

• Research conclusions are made

• State an hypothesis and develop a research plan

• Publish results and recommendations

• Data collection and analyze data for patterns

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

• Secondary Data

• Pattern change in society

• Marketing Trend

• People on which research is done

• Research Sample

• Collected data for other purposes

• Variable

• Something that changes or can be changed

• Social 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

• Positive outcomes that the customer experiences

• Heated seats

• Factual characteristics of a product or service

• reasons why customers buy

• Can be tangible or intangible

• One-of-a-kind finish

• comfortable ride in the cold

• Improvement of customer experience

• Handcrafted

• Describe what the product does

Match the following

Groups:

(a) Mass Marketing

,

(b) Target Marketing

• Ignores customer differences

• 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

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