Conducting Marketing Research and Forecasting Demands Flashcards
What is the primary purpose of conducting marketing research?
To gather information about consumers, competitors, and the market to inform business decisions.
True or False: Marketing research is only conducted before launching a product.
False
Fill in the blank: The __________ method involves collecting data that has already been published.
secondary research
What is the difference between qualitative and quantitative research?
Qualitative research focuses on understanding concepts and experiences, while quantitative research deals with numerical data and statistics.
Which of the following is NOT a type of primary research? (A) Surveys (B) Focus Groups (C) Government Reports
C) Government Reports
What is a key benefit of using surveys in marketing research?
Surveys can reach a large audience and provide quantifiable data.
True or False: Forecasting demand is only important during product development.
False
What is the purpose of demand forecasting?
To predict future consumer demand for a product or service.
Fill in the blank: The __________ model uses historical data to predict future sales.
time series
What is a common method for qualitative research?
Interviews
True or False: Focus groups are a form of quantitative research.
False
What does the acronym SWOT stand for in marketing research?
Strengths, Weaknesses, Opportunities, Threats
Which of the following is an example of secondary research? (A) Online surveys (B) Academic journals (C) Interviews
B) Academic journals
What is the Delphi method in forecasting?
A structured communication technique that relies on a panel of experts.
Fill in the blank: The __________ approach to forecasting uses statistical analysis of past data.
quantitative
What is the role of market segmentation in marketing research?
To identify distinct groups of consumers to tailor marketing strategies.
True or False: A sample should always represent the entire population in marketing research.
True
What are the four types of market research methods?
Surveys, interviews, focus groups, and observations.
What is the importance of the ‘5 C’s’ in marketing research?
They help analyze the Company, Customers, Competitors, Collaborators, and Context.
Fill in the blank: In forecasting, __________ analysis examines the relationship between variables.
regression
What is a limitation of qualitative research?
It may not provide statistically significant results.
True or False: Market research results should always be acted upon immediately.
False
What does the term ‘market share’ refer to?
The percentage of an industry’s sales that a particular company controls.
What is a common software tool used in market research?
SPSS (Statistical Package for the Social Sciences)
Fill in the blank: __________ is the process of collecting and analyzing data to understand consumer behavior.
Market research
