Market Research Methods

The video tutorial discusses the significance of market research in understanding target markets and making strategic business decisions. It explains the two main types of market research: secondary research, which involves using existing data, and primary research, which involves collecting new data. The tutorial also covers methods for gathering qualitative and quantitative data, emphasizing their role in informed decision-making.

What is the primary purpose of market research?

• To align business strategies with customer needs

• To increase product prices

• To guess customer preferences

• To reduce marketing costs

Which type of research relies on existing data?

• Qualitative research

• Primary research

• Secondary research

• Experimental research

What is a common method used in primary research?

• Reading industry blogs

• Watching competitor advertisements

• Conducting surveys

• Analyzing existing reports

What type of data involves numbers and statistics?

• Narrative data

• Descriptive data

• Quantitative data

• Qualitative data

How is qualitative data used in market research?

• To calculate market share

• To understand customer opinions

• To make statistical decisions

• To determine pricing strategies