What is the main purpose of conducting primary market research?

To gather information that is specific to the company's needs.

To analyze data that has already been collected by others.

To access databases and research reports.

To present findings to stakeholders.

Which of the following is an example of secondary market research?

Surveys and interviews conducted by the company's marketing team.

Observing customer behavior in a retail store.

Analyzing industry reports published by research firms.

Testing a new product with a focus group.

Why is presenting market research data effectively important?

To reduce costs associated with data collection.

To impress competitors with the volume of data collected.

To engage stakeholders and influence decision-making.

To comply with legal requirements.

What distinguishes primary market research from secondary market research?

Primary research uses existing data, while secondary research collects data firsthand.

Primary research focuses on specific company needs, while secondary research provides general industry information.

Primary research is conducted by external agencies, while secondary research is conducted internally.

Primary research is cheaper and faster, while secondary research is more time-consuming and expensive.

Which method is typically used in primary market research to gather qualitative data?

Observing customer purchasing patterns.

Analyzing sales figures from previous years.

Conducting surveys and interviews.

How can businesses benefit from conducting market research?

By increasing production costs.

By reducing customer satisfaction.

By identifying market opportunities.

By ignoring competitors' strategies.

What role does secondary market research play in competitor analysis?

It helps identify customer preferences.

It provides insights into competitors' strategies.

When conducting primary market research, what is an advantage of using focus groups?

They provide quantitative data quickly.

They allow for in-depth exploration of topics.

They are less expensive than other methods.

They require minimal preparation.

What is a disadvantage of relying solely on secondary market research?

It provides specific data tailored to the company's needs.

It can be outdated or not entirely relevant.

It requires extensive time and resources.

It is more costly than primary research.

How does market research contribute to strategic decision-making in businesses?

By increasing operational costs.

By providing valuable insights and data.

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