Market Research
What is the definition of market research?
A. Selling products to customers
B. Gathering information and using it to make business decisions
C. Creating advertisements
D. Posting content on social media
B. Gathering information and using it to make business decisions
What are customer relationships?
a. A list of all products a business sells.
b. A type of social media marketing.
c. A company's pricing strategy
d. The ways businesses connect, communicate, and build loyalty with customers
d. The ways businesses connect, communicate, and build loyalty with customers
You go to a vending machine, buy a snack, and leave within 20 seconds. What customer relationship is this?
Transactional
A small cupcake shop wants to know which new flavor customers would prefer for next month. The owner plans to hand out samples and ask people their favorite. Is she collecting primary or secondary data?
Primary
What does SWOT stand for?
Strengths
Weaknesses
Opportunities
Threats
Which of the following is an example of PRIMARY data?
A. Online Articles
B. Competitor websites
C. Interview with consumers
D. Social media trends
C. Interview with consumers
Which type of customer relationship involves minimal interaction and focuses on quick, efficient purchases?
Tanoya walks into Sephora and an employee personally helps her match a foundation shade. What type of relationship type is being used?
Personal Assistance
A student is researching how many teenagers in the U.S. use social media daily. She looks up statistics from the Pew Research Center. Is she using primary or secondary data?
Secondary
A new bakery opens across the street from a local café, selling similar pastries.
What part of SWOT is identified?
Threat
What is a focus group?
A. A group of people who complete surveys online
B. A small group interviewed informally while a moderator observes
C. A one-on-one phone interview
D. A group that watches advertisements
B. A small group interviewed informally while a moderator observes
Which customer relationship type is built around shared interests and active interactions?
Community
A fast-food restaurant uses self-order kiosks and mobile apps where customers place their orders, pay without talking to a worker, and receive order updates automatically.
What two customer relationships does the restaurant use?
Automation & Self-Service
A sneaker brand wants to improve its product for athletes. They create an online survey and ask runners to rate their experience with the latest design. Is this primary or secondary data?
Primary
A small clothing brand receives consistently high online ratings and many positive comments about quality.
What part of SWOT is identified?
Strengths
What is an advantage of using interviews in market research?
More open ended, in-depth answers
Which type of customer relationship involves customers helping create or design a product?
Co-Creation
A new smoothie shop wants to grow fast. They want customers to feel connected to the brand, come back often, and even help design new menu ideas. What are the two customer relationships that they need to establish?
Community & Co-Creation
A local coffee shop wants to launch a new iced drink for the summer.
First, the owner reads industry reports to learn which flavors are trending this year.
Then, she creates her own in-store taste test to ask customers which flavor they prefer. Is she using primary or secondary data?
Both Primary and Secondary
A grocery store realizes its checkout line moves slower than competitors, causing customer frustration.
What part of the SWOT is identified?
Weaknesses
What are the 5 steps in the market research process?
1. Identify the problem
2. Develop a research Plan
3. Collect Data
4. Interpret & Analyze data
5. Make Reccommendations
Which relationship empowers customers to independently use a service?
Self- Service
Cay'lm goes to Planet Fitness for the groups, challenges, and events that brings the members together. He also loves how he is able to check out on his own when he purchases his Muscle Milks instead of waiting for an associate on busy days. What two customer relationships has Planet Fitness established?
Community & Self Service
A student is preparing a presentation on global warming.
Instead of reading scientific studies or collecting her own measurements, she uses a science encyclopedia and a textbook chapter that summarize and repackage information from many other sources. Is this secondary or primary data?
None
More people in the community are looking for eco-friendly products, and a local business sells sustainable items.
What part of SWOT is identified?
Opportunities