Lesson 2

Question 1

It is the process of determining the viability of a new service or product through research conducted directly with potential customers

Answer 1

market research

Question 2

It allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service

Answer 2

Market research

Question 3

This research includes surveys product testing and focus groups

Answer 3

Market research

Question 4

It is a systematic process of collecting recording and analyzing the information relevant to finding solutions to a problem in the field of marketing

Answer 4

Market research

Question 5

Market research include information gathering for the purpose of

Answer 5

Market segmentation and product differentiation

Question 6

It is a critical tool in helping companies understand what consumers want develop products that those consumers will use and maintain a competitive advantage over other companies in their industry

Answer 6

Market research

Question 7

It consists of a combination of primary information and secondary information

Answer 7

Market research

Question 8

It is the information of what has been gathered by the company or by a person hired by the company

Answer 8

Primary information

Question 9

It is the information of what has been gathered by an outside source

Answer 9

Secondary information

Question 10

It is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research

Answer 10

Primary information

Question 11

This type of information generally falls into two categories

Answer 11

Exploratory and specific research

Question 12

It is a less structured action and functions via more open-ended questions and it results in questions or issues being presented that the company may need to address

Answer 12

Exploratory research

Question 13

It is the data that an outside entity has already gathered

Answer 13

Secondary information

Question 14

These include population information from government census data trade association research reports or presented research from another business operating within the same market sector

Answer 14

Secondary information

Question 15

Data collected from these interviews were compared to the circulation of the publication and order to see how effective those ads were

Answer 15

Face-to-face interviews

Question 16

Data collection then shifted to the telephone making face-to-face contact a necessary

Answer 16

Phone research

Question 17

This method improve the market research model greatly

Answer 17

Phone research

Question 18

With people spending more time online many market research activities have shifted online as well

Answer 18

Online market research

Question 19

In this people can choose the sign up and take surveys and offer opinions when they have time

Answer 19

Online market research

Question 20

Types of marketing research

Answer 20

Descriptive research
causal research
predictive research
exploratory research

Question 21

The researcher then uses this kind of research because he has very little knowledge about the topic of research and wants to gain insight into it before seeking solutions

Answer 21

Exploratory research

Question 22

This can be achieved utilizing secondary data like information available both within and outside the company performing qualitative test interviewing experts and processing marketplace feedback

Answer 22

Exploratory market analysis

Question 23

This requires checking the hypothesis to determine the exact answers to the research issue

Answer 23

Descriptive market analysis

Question 24

Example questions of this are who are prospective product buyers? how are goods consumed? which population fraction uses the product?

Answer 24

Descriptive market analysis

Question 25

This is conducted to establish the cause and effect relationship between the variables such as if the packaging of the product is changed then what will be its effect on the product durability

Answer 25

Causal market research

Question 26

This is carried out to forecast or anticipate some market variable for which research is intended

Answer 26

Predictive market analysis

Question 27

Examples of these are predicting future revenue, forecasting growth, testing market to predict new product success, defining company product line

Answer 27

predictive market analysis

Question 28

Marketing research can be further categorized based on the type of data produced and the degree of accuracy required as

Answer 28

Qualitative market research quantitative market research

Question 29

It deals with the feelings, attitudes, opinions, and thoughts of an individual’s to ascertain their underlying reasons for behavior

Answer 29

Qualitative market research

Question 30

The purpose of this is to study the psychology of an individual and obtain the insights and depth of buyers perceptions, behavior, and needs

Answer 30

Qualitative market research

Question 31

The following are some of the widely used qualitative market research methods

Answer 31

Photo ethnography
depth interviews
focus groups

Question 32

It deals with the hard facts and statistical data rather than the opinions feelings and attitudes of the individuals

Answer 32

Quantitative market research

Question 33

The data are quantified to draw inferences about the customers behavior attitude and preferences in numerical terms that can be easily interpreted and compared with other data facts

Answer 33

Quantitative market research

Question 34

Following quantitative market research techniques are used to collect data from the respondents

Answer 34

Telephone surveys
personal interviews
web surveys
hybrid survey methods