Question 1

What is market research used for?

Accepted Answer

To identify opportunities and problems in the market and to understand customer needs and wants.

Answer

To create new products.

Answer

To promote products through advertising.

Answer

To increase sales to existing customers.

Question 2

What is a target market?

Accepted Answer

A specific group of customers that a business aims to satisfy.

Answer

The shareholders of a business.

Answer

The employees of a business.

Answer

The entire population of a country.

Question 3

What is product differentiation?

Accepted Answer

Creating unique products that stand out from competitors.

Answer

Promoting products through advertising.

Answer

Producing goods that are similar to those of competitors.

Answer

Selling products at the lowest price possible.

Question 4

What is a SWOT analysis?

Accepted Answer

An analysis of a business's strengths, weaknesses, opportunities, and threats.

Answer

An analysis of a business's employees and managers.

Answer

An analysis of a business's sales and revenue.

Answer

An analysis of a business's competitors.

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