High School Business: Market Research Concepts Quiz

📚 Quick Study Guide

• 📊 Market Research Definition: The process of gathering information about consumer needs and preferences.
• 🎯 Target Market: A specific group of consumers most likely to want your product or service.
• 🔍 Primary Research: Gathering new data directly (e.g., surveys, interviews, experiments).
• 📈 Secondary Research: Analyzing existing data (e.g., government reports, industry publications).
• 📝 Surveys: A common method of collecting data from a sample of individuals.
• 🗣️ Focus Groups: Small group discussions used to gather qualitative data.
• 🧪 Experiments: Testing different variables to see how they affect consumer behavior.
• 🌍 Market Segmentation: Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.
• 💡 SWOT Analysis: A framework for evaluating a company's Strengths, Weaknesses, Opportunities, and Threats.
• 🔢 Statistical Analysis: Using mathematical techniques to analyze data and draw conclusions.

📝 Practice Quiz

1. Which of the following best describes market research?
   1. A. Selling products to customers
   2. B. Gathering information about consumer needs and preferences
   3. C. Managing a company's finances
   4. D. Developing new technologies
2. What is a target market?
   1. A. The largest possible group of consumers
   2. B. A specific group of consumers most likely to want your product or service
   3. C. All consumers in a particular geographic region
   4. D. Consumers who have already purchased your product
3. Which of the following is an example of primary research?
   1. A. Reading a government report on population trends
   2. B. Analyzing data from a previous marketing campaign
   3. C. Conducting a survey to gather customer feedback
   4. D. Reviewing industry publications
4. What is the main advantage of secondary research?
   1. A. It is always more accurate than primary research.
   2. B. It is generally less expensive and time-consuming than primary research.
   3. C. It provides insights into consumer behavior.
   4. D. It allows you to directly interact with consumers.
5. Which data collection method involves gathering information from a small group discussion?
   1. A. Surveys
   2. B. Experiments
   3. C. Focus Groups
   4. D. Statistical Analysis
6. What does SWOT stand for in SWOT analysis?
   1. A. Strengths, Weaknesses, Opportunities, and Threats
   2. B. Sales, Wages, Operations, and Technology
   3. C. Strategy, Work ethic, Objectives, and Tactics
   4. D. Suppliers, Workers, Owners, and Training
7. What is the purpose of market segmentation?
   1. A. To increase the overall size of the market
   2. B. To divide a broad consumer market into sub-groups based on shared characteristics
   3. C. To reduce competition in the market
   4. D. To lower the price of products and services