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Which of the following is a method of primary (field) market research?
A sole trader carries out secondary (desk) market research when preparing to set up a new business.One benefit of using this method is that:
(a)It cannot be accessed by competitors
(b)It is relatively quick to obtain
(c)It is always up-to-date
(d)The data is tailored to the needs of the individual business
Which of the following may be a reason for a small business to complete market research?
(a)To advertise for a new sales manager
(b)To aid decision-making about their product
c)To help track stock levels
d)To inform staff of changes to their product
As a new business owner you may use ‘desk research’ to research competitors’ products. Which of the following is a benefit of using ‘desk research’?
It allows you to gain information about your specific product
It allows you to gain the views of a large number of potential customers
The cost of accessing information is usually low
The information available is always accurate
Which of the following is a reason why a business needs to segment its market?
Its customers all live in London
Its customers require different benefits from a product
To benefit from limited liability
To benefit from unlimited liability
Dividing a market by age, occupation or income is a technique known as:
Which of the following is a method which a customer may use to give feedback to a business?
After sales service
Customer comment card
Purchase shares in the business
Which of the following is a stage of the product lifecycle?
Desk market research is another name for:
Primary market research
Qualitative market research
Quantitative market research
Secondary market research
Which of the following is a potential benefit arising from market segmentation?
Allows for targeted marketing
Decreases customer retention
Lower prices can be set
Reduces the cost of advertising
Dividing a group of customers according to where they live is an example of which type of market segmentation?
Which of the following is a purpose of market research?
It is a legal requirement to start a new business
To advertise a new product
To aid decision making
To increase risk