Market Research

Question 1

Market Research

Answer 1

Is the process of gathering, analysing and interpreting information about a market.

Question 2

Product- Oriented

Answer 2

A product-oriented business focuses on making high-quality products rather than adapting to customer needs or market trends.

Question 3

Market- Orientated

Answer 3

A market-oriented business focuses on understanding and meeting customer needs rather than just the product itself.

Question 4

Marketing Budget

Answer 4

A marketing budget is the amount of money a business sets aside for advertising and promotional activities over a period of time.

Question 5

Primary Research

Answer 5

Primary research is the process of collecting new, firsthand data directly from sources like surveys, interviews, and focus groups.

Question 6

Secondary Research

Answer 6

Secondary research involves using existing data from sources like reports, articles, and government statistics instead of collecting new information.

Question 7

Sample

Answer 7

A sample is a small group selected from a larger population to represent it in market research.

Question 8

Random Sample

Answer 8

A random sample is a research method where individuals are chosen randomly from a population, ensuring everyone has an equal chance of being selected.

Question 9

Quota Sample

Answer 9

A quota sample is a research method where respondents are selected based on specific characteristics (e.g., age, gender) to match the target population.