Market Research Quiz Template

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Quizzes Created: 1 | Total Attempts: 219

Questions: 9 | Attempts: 219 | Updated: Mar 21, 2023

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Do you know enough about market research or still need to cover a lot of ground? Take this quiz to know how acquainted you are with market research.

Questions and Answers

1.

What type of market research is a survey?
- A.
  
  Primary Research
- B.
  
  Secondary Research
- C.
  
  Desk research
- D.
  
  Lab research
Correct Answer
A. Primary Research

Explanation
Primary research is any type of research that you go out and collect yourself. Examples include surveys, interviews, observations, and ethnographic research. A good researcher knows how to use both primary and secondary sources in their writing and to integrate them cohesively.

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2.

What is meant by desk research?
- A.
  
  Doing field research
- B.
  
  Research about different desk sizes
- C.
  
  Doing secondary research
- D.
  
  Doing primary research
Correct Answer
C. Doing secondary research

Explanation
Secondary research (also known as desk research) involves the summary, collation and/or synthesis of existing research rather than primary research, in which data are collected from, for example, research subjects or experiments.

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3.

What is the purpose of carrying out market research?
- A.
  
  To find out customers' expectations
- B.
  
  To provide employment opportunities for the researchers
- C.
  
  To expose customers to new products
- D.
  
  To sell new products directly to customers
Correct Answer
A. To find out customers' expectations

Explanation
The purpose of carrying out market research is to find out customers' expectations. Market research involves gathering information about customers' needs, preferences, and behaviors in order to understand what they want and expect from a product or service. This information is crucial for businesses to develop and improve their offerings, tailor their marketing strategies, and ultimately meet the needs of their target market. By understanding customers' expectations, businesses can make informed decisions and develop products and services that are more likely to succeed in the market.

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4.

When should market research be carried out?
- A.
  
  Market research should not be carried out at all.
- B.
  
  According to the market status
- C.
  
  After a product launch to assess customer response
- D.
  
  Anytime. The timing of market research is not important.
Correct Answer
C. After a product launch to assess customer response

Explanation
Market research should be carried out after a product launch to assess customer response. This is because conducting market research at this stage allows businesses to gather valuable feedback and insights from customers. It helps in understanding how the product is being received in the market, identifying any issues or areas for improvement, and making informed decisions to enhance the product or marketing strategies. By conducting market research after a product launch, businesses can effectively evaluate customer satisfaction, preferences, and overall market demand, enabling them to make necessary adjustments and improvements to achieve success in the market.

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5.

What's the disadvantage of conducting field research?
- A.
  
  It's not timely
- B.
  
  Researchers often cheat
- C.
  
  It's an expensive and time consuming process.
- D.
  
  Collated information is usually unreliable
Correct Answer
C. It's an expensive and time consuming process.

Explanation
The correct answer is "It's an expensive and time consuming process." Conducting field research requires a significant amount of resources, including funding, time, and manpower. Researchers need to travel to the specific location, gather data, and analyze it, which can be a lengthy and costly process. Additionally, field research often involves working in unpredictable and challenging environments, which further adds to the time and expenses involved.

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6.

What are some examples of observational market research? (select 3 of the answers below)
- A.
  
  Observe the interviewer and how they ask questions
- B.
  
  Record many elements of a person's behavior in many situations
- C.
  
  Record the TV show 20 - 1
- D.
  
  Individuals being recorded during a shopping trip
- E.
  
  Recording no-verbal behavior of an individual
Correct Answer(s)
B. Record many elements of a person's behavior in many situations
D. Individuals being recorded during a shopping trip
E. Recording no-verbal behavior of an individual

Explanation
Observational market research involves directly observing and recording various aspects of individuals' behavior in different situations. This can include recording many elements of a person's behavior in various scenarios, such as their reactions, preferences, and decision-making processes. It also involves observing and recording individuals during a shopping trip to understand their shopping behavior and preferences. Additionally, recording non-verbal behavior, such as body language and facial expressions, can provide valuable insights into individuals' thoughts and emotions.

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7.

What is the definition of Market Research?
- A.
  
  The systematic and objective process of generating information to aid in making marketing decisions
- B.
  
  The system of finding the correct answers to our objectives
- C.
  
  Market Intelligence
- D.
  
  All of the above
- E.
  
  None of the above
Correct Answer
A. The systematic and objective process of generating information to aid in making marketing decisions

Explanation
Market research is the action or activity of gathering information about consumers' needs and preferences.

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8.

How can a manager use market research to analyze and select target markets? (select 3 of the answers below)
- A.
  
  Determine market characteristics and trends
- B.
  
  Determine the price people are willing to pay
- C.
  
  Create multiple market segments
- D.
  
  Design a logo
- E.
  
  What to have for lunch today
Correct Answer(s)
A. Determine market characteristics and trends
B. Determine the price people are willing to pay
C. Create multiple market segments

Explanation
A manager can use market research to analyze and select target markets by determining market characteristics and trends. This helps in understanding the preferences, needs, and behaviors of the target market, enabling the manager to tailor their marketing strategies accordingly. Additionally, determining the price people are willing to pay is crucial in setting competitive pricing strategies that attract the target market. Creating multiple market segments allows the manager to identify different groups within the target market and develop targeted marketing campaigns to effectively reach and engage each segment.

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9.

How can managers use market research to identify and evaluate opportunities?
- A.
  
  Understand different items to be displayed at Point of Sale
- B.
  
  Estimate of market potential and make predictions about future environmental conditions
- C.
  
  Develop new products and price structure to evaluate how your product can perform better against competitors
- D.
  
  Who should be hired for promotional product pushing?
- E.
  
  Who cares?
Correct Answer(s)
B. Estimate of market potential and make predictions about future environmental conditions
C. Develop new products and price structure to evaluate how your product can perform better against competitors

Explanation
Managers can use market research to identify and evaluate opportunities by estimating the market potential and making predictions about future environmental conditions. This helps them understand the potential demand for their products or services and anticipate any changes in the market that may affect their business. Additionally, market research can help managers develop new products and price structures to evaluate how their offerings can perform better against competitors. By analyzing market trends and consumer preferences, managers can make informed decisions and capitalize on opportunities in the market.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
May 04, 2020

Quiz Created by
Raxonnegroucher

Market Research Quiz Template

What type of market research is a survey?

What is meant by desk research?

What is the purpose of carrying out market research?

When should market research be carried out?

What's the disadvantage of conducting field research?

What are some examples of observational market research? (select 3 of the answers below)

What is the definition of Market Research?

How can a manager use market research to analyze and select target markets? (select 3 of the answers below)

How can managers use market research to identify and evaluate opportunities?