Question 1: Define the term 'market research' in your own words.

Answer: Market research is the process of gathering and analysing information about customers, competitors, and the market to help a business make informed decisions.

Question 2: List two reasons why a business might carry out market research before launching a new product.

Answer: To understand customer preferences and to identify potential demand for the product.

Question 3: Name two different methods a business can use to collect primary market research data.

Answer: Surveys and interviews.

Question 4: Name two methods a business might use to collect secondary market research data.

Answer: Industry reports and government statistics.

Question 5: Explain the difference between primary and secondary market research.

Answer: Primary research involves collecting new data directly from sources, such as surveys or interviews, whereas secondary research involves analysing existing data, such as reports or statistics.

Question 6: A company wants to find out what type of music their target customers prefer. Describe a suitable way for them to gather this information.

Answer: They could conduct a survey asking customers about their music preferences or hold focus groups to discuss music tastes.

Question 7: Sketch a simple diagram to show the difference between qualitative and quantitative market research methods. Label each part clearly.

Answer: A diagram with two sections: one labeled 'Qualitative' with examples like 'interviews' and 'focus groups'; the other labeled 'Quantitative' with examples like 'surveys' with numerical data. The sketch should clearly separate the two types and include labels.

Question 8: List two advantages of using surveys for market research.

Answer: Surveys can collect a large amount of data quickly and are cost-effective.

Question 9: List two disadvantages of relying solely on secondary research data.

Answer: The data may be outdated or not specific enough for the business’s needs.

Question 10: Imagine a clothing store wants to understand the preferences of teenagers in their area. Design a basic survey question they could ask.

Answer: A sample survey question could be: 'What type of clothing do you prefer? Casual, sporty, formal, or trendy?'

Question 11: Draw a simple flowchart that shows the steps a business might take when conducting market research, from identifying the goal to analysing the data.

Answer: A flowchart with five boxes: 1) Identify research goal, 2) Choose research method, 3) Collect data, 4) Analyse data, 5) Make decisions based on findings.