Market Research 101 Quiz

What is the primary goal of market research?

• To expand globally without research

• To gain insights for informed decision-making

• To reduce employee numbers

• To increase product prices

Which function of market research helps in tailoring products to consumer needs?

• Risk mitigation

• Understanding consumers

• Competitor analysis

• Market trends

How does market research assist in assessing market viability?

• By identifying potential customer segments

• By increasing production costs

• By ignoring consumer feedback

• By reducing marketing efforts

What is the first step in the market research process?

• Collecting data

• Designing the research project

• Locating and defining issues

• Reporting research findings

Which step involves analyzing gathered information to draw conclusions?

• Reporting research findings

• Interpreting research findings

• Collecting data

• Designing the research project

In the Coca-Cola example, what was identified as a rising consumer trend?

• Decline in beverage consumption

• Demand for sugary beverages

• Interest in non-carbonated and healthier options

• Preference for carbonated drinks

What research method did Coca-Cola use to gather consumer feedback?

• Only quantitative research

• Only qualitative research

• A mixed methods approach

• No research method

What is the significance of market research in modern business?

• It focuses solely on competitor analysis

• It helps in ignoring market trends

• It provides actionable insights and informs strategic decisions

• It reduces the need for innovation

Which of the following is NOT a function of market research?

• Understanding consumer behavior

• Assessing market viability

• Increasing product prices

• Conducting competitor analysis

How does market research contribute to risk mitigation?

• By uncovering potential risks and developing contingency plans

• By ignoring potential risks

• By increasing market risks

• By focusing only on product development