Market Research Quiz

What are the 4 key things market research does?

By not conducting market research a business could offer a product that no one wants and it could result in financial damage to the business?

• True

• False

Which company were most successful with market research

• LG

• Apple

What business failed to conduct market research and spot a gap in the market, which resulted in them going out of business?

Market research helps businesses make better decisions such as

• Launching a new product and service

  Making changes to existing product

  Investing in a new location or store

• Launching a new product and service

  Making more profit

  Creating ideas

• Making changes to existing product

  Adding Value

  Employing staff

• Launching a new product and service

  Not making changes

  Where the business is going

What are the two main groups of market research?

Describe what Lego did with market research and what was the results of this?