Meeting customer needs: แบบฝึกหัด

Which of the following is a clear example of secondary market research?

A business operates in a highly dynamic market where consumer preferences change rapidly. Why might relying solely on historical secondary market research data be risky for this business?

What is the key strategic benefit a business gains from highly successful product differentiation, relating specifically to its commercial power within the market?

A business conducts market research by hosting a small group of potential customers to discuss their attitudes and opinions regarding a new product concept, focusing on gaining deep qualitative insights. Which method of primary market research is the business utilising?

When using market mapping, a business might identify a 'gap' in the market. Which of the following is the most likely reason why a 'gap' in a market map does not always represent a viable business opportunity?

State one key characteristic of a niche market and explain what competitive advantage a small firm might gain by operating exclusively in such a market.

Explain the core difference between Product Orientation and Market Orientation, relating your answer to how a business identifies customer needs and wants.

Define both risk and uncertainty in a business context. Explain why dynamic markets, characterised by rapid technological innovation and changing consumer tastes, typically involve higher levels of uncertainty rather than just risk.

Define market segmentation and identify one category of market segmentation used by businesses to divide a broad consumer market into smaller, distinct groups.

A new café chain, 'Bean & Brew', is planning to enter the highly competitive urban coffee market. Before launching, they conducted extensive market research, using both stratified sampling for qualitative interviews and large-scale questionnaires for quantitative data.

Part a) Analyse the potential benefits and drawbacks for Bean & Brew of using stratified sampling for their qualitative market research.

Part b) Discuss the importance of product differentiation (other than price) for Bean & Brew to achieve a competitive advantage in a mature market with many established rivals.