Market Research Techniques and Strategies

The video tutorial covers market research, focusing on its importance for businesses to understand customer needs and market dynamics. It explains primary and secondary market research methods, including surveys, questionnaires, focus groups, and observation. The tutorial also discusses the types of data collected, such as quantitative and qualitative data, and emphasizes the importance of interpreting this data accurately. It highlights the need for businesses to ensure data reliability, relevance, and representation to make informed decisions.

What is one of the main purposes of market research?

• To eliminate competition

• To increase product prices

• To identify and understand target markets

• To reduce employee salaries

Which method is a quick and cost-effective way to gather feedback in primary market research?

• Interviews

• Observations

• Surveys

• Focus groups

What is a potential drawback of using questionnaires in market research?

• They can be time-consuming to process

• They provide only quantitative data

• They are not suitable for digital platforms

• They are too expensive

Which primary research method involves observing customer behavior in stores?

• Questionnaires

• Focus groups

• Surveys

• Observation

What type of data provides statistical insights and is easy to analyze?

• Quantitative data

• Qualitative data

• Primary data

• Secondary data

Which type of data requires more sophisticated analysis to interpret customer behavior?

• Quantitative data

• Numerical data

• Secondary data

• Qualitative data

Why might a startup prefer secondary market research?

• It is more reliable

• It is more detailed

• It is less time-consuming and costly

• It provides more control over data

What is crucial for businesses to do with market research data?

• Ignore it

• Interpret and analyze it

• Share it with competitors

• Delete it after use

What should businesses question about their market research data?

• Its reliability and relevance

• Its cost

• Its color and design

• Its popularity

Why is it important for market research data to be representative?

• To increase its length

• To provide unbiased insights

• To make it more expensive

• To ensure it is colorful