SWOT
A business has excellent customer service and a loyal customer base. Which SWOT category do these belong to?
Strengths
What do we call a competing business that offers similar products or services to the same customers?
Direct competitor
A student realizes they need new running shoes. Which stage of the consumer decision-making process is this?
Need recognition
A business creates a new survey specifically to learn about its current customers. What type of data is collected?
Primary data
What should a business define before beginning the marketing research process?
Define the research objectives
A gym faces a new competitor, increasing rent, and customers cutting spending. Which SWOT category do these factors represent?
Threats
Inflation causes students to spend less money on entertainment. Which CDSTEP factor does this represent?
Economic
A student remembers a previous experience with a restaurant without looking anything up. What type of information search is this?
Internal search
A business uses an existing government population report to learn about its community. What type of data is this?
Secondary data
What is the term for research participants voluntarily agreeing to participate after understanding the purpose of the study?
Informed consent
A restaurant has outdated kitchen equipment and limited seating. Which SWOT category do these belong to?
Weaknesses
A new city regulation affects how a business operates. Which CDSTEP factor does this represent?
Political/Legal
A customer reads online reviews and asks friends before buying a gym membership. What type of information search is this?
External search
A restaurant wants to understand WHY customers dislike its new menu. Which research method would be most useful for exploring individual opinions in depth?
In-depth interviews
A business wants to determine what percentage of students prefer lower prices. Should it use qualitative or quantitative research?
Quantitative research
A new apartment complex opens next to a coffee shop, bringing potential customers. Which SWOT category does this represent?
Opportunities
A restaurant owner has excellent customer service skills, while a new competitor opens nearby. Which factor is internal, and which is external?
Owner's customer service skills — Internal
New competitor — External
A student refuses to consider a gym membership over $40 per month, regardless of its benefits. Which decision rule is being used?
Noncompensatory decision rule
A business watches customers use its self-service ordering kiosk and records where they experience difficulties. Which research method is being used?
Observation
A researcher interviews only five friends and claims the findings represent all college students. What is the main problem with this conclusion?
The sample is too small and unrepresentative to draw conclusions about all college students.
A business has poor employee training, a new competitor opening nearby, and growing demand for its services. Identify the SWOT category of EACH factor.
Poor employee training — Weakness
New competitor opening nearby — Threat
Growing demand for services — Opportunity
A college-town business notices changing student lifestyles, rising prices, and new reservation technology. Identify the THREE CDSTEP factors represented.
Changing student lifestyles — Social
Rising prices — Economic
New reservation technology — Technological
A student chooses a more expensive gym because its convenient location and better equipment make up for the higher price. Identify the decision rule and explain why it applies.
Compensatory decision rule — The student allows the benefits of the gym's location and equipment to make up for its higher price.
A gym wants to determine whether a new advertisement actually CAUSES an increase in class reservations. Which research method would be most appropriate?
Controlled experiment
A business wants to gather detailed opinions through a moderated discussion with several customers. Identify the research method AND one limitation of the findings.
Focus group. One limitation is that the small group of participants may not represent the entire target population.