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LO1/2 RO64 Flashcards | StudBud
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LO1/2 RO64
LO1/2 RO64
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Questions
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Answers
1
Why do businesses use market research?
To advertise
To identify customer needs
To sell goods and services
2
Which type is the odd one out?
Technology
Gender
Occupation
Age
3
The internet is a form of market research?
True
False
4
What is Primary Market Research?
The systematic and objective collection, analysis, and evaluation of info
Information that has already been collected for a different purpose
Collection or commissioning of information, gathered first-hand
Collection of information, gathered first-hand
5
which of these are primary research ?
data found online
a personal survey
data from a book.
6
When is market research carried out?
After the launch of a new product
Throughout the development of a new product
Throughout the whole process
Before the development of a new product
7
Market research where you do it all yourself is...
Quantitative Data
Secondary Research
Primary Research
Qualitative Data
8
When is your exam?
Jan 10
Jan 11
Jan 12
Jan 13
9
What is Market research
Collecting data to see if there is a market for your product
Researching your potential customers
Finding out the market share of your company
10
There are two types of market research techniques
False
True
11
Which of the following is not a primary research method
Consumer Trial
Questionnaire
Focus Group
Mintel
12
What is the formula for sales revenue
Variable costs + fixed costs
Selling price x number of units sold
Sales revenue - total costs
Selling price + Number of units sold
13
Is Primary research faster or slower than Secondary research????
False
True
14
Market research is...
A game on the App Store
Very fun to do
Where a business gathers information about customers
Finding out about other businesses finances
15
What is the marginal of safety?
Area after the break even point
The fixed costs
Where sales revenue and fixed costs meet
The sales revenue
16
Which isn't a resource for Secondary Market Research
Surveys
Market Research Organisations
Magazines
Government Publications
17
Market research is important because
all of the above
It tells designers/manufacturers what consumers want or need
It finds out what people don't like about existing products
It identifies the people who might buy a product
18
What is break even?
The losses of a business
The point in which the business makes zero
The profit of a business
The number of units a business sells
19
When revenue is less than expenses, this is called....
Loss
Unstable
Debt
Profit
20
Profit is the difference between revenue and costs.
True
False
21
What are advantages of primary research?
Costly to a company
Not relevant to a businesses needs
Up-to-date compared to secondary data
Obtainable quickly
22
What is revenue minus Cost?
Expenses
Profit
Supply
Price
