The role of market research (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is the main goal of market research?
What is the main goal of market research?
To gather info on customers & competitors
Why do businesses need to understand customer needs through market research?
Why do businesses need to understand customer needs through market research?
To develop products people will buy
What do market gaps represent for businesses?
What do market gaps represent for businesses?
Opportunities for new products/services
What aspects of competitors should market research investigate?
What aspects of competitors should market research investigate?
Strengths, weaknesses, pricing & position
Which market states can trend research identify?
Which market states can trend research identify?
Growing, declining or changing direction
What is the biggest mistake businesses make regarding market research?
What is the biggest mistake businesses make regarding market research?
Assuming what customers want w/o research
In Lisa Gallagher's research, which household type was the largest segment?
In Lisa Gallagher's research, which household type was the largest segment?
Couples with children at 31%
What % of households were couples with children in Lisa Gallagher's research?
What % of households were couples with children in Lisa Gallagher's research?
31%
What critical rule applies to data interpretation in market research?
What critical rule applies to data interpretation in market research?
Base conclusions on evidence not assumptions
How does market research reduce risk?
How does market research reduce risk?
Reveals problems before costly failures
How does research improve resource allocation?
How does research improve resource allocation?
Focuses resources on promising opportunities
Why is regular monitoring better than one-time market research?
Why is regular monitoring better than one-time market research?
Markets constantly change over time