Marketing Advice Market Research and Analytics 1 — Questions and Answers
Question 1: What is the difference between primary and secondary market research?
- Primary research uses online tools; secondary research uses paper surveys
- Primary research collects new data firsthand; secondary research uses existing data (Correct answer)
- Primary research is more expensive than secondary by definition
- Primary research is qualitative only; secondary research is quantitative only
Correct answer: Primary research collects new data firsthand; secondary research uses existing data
Primary research involves collecting new, original data directly from sources, while secondary research analyzes existing data already gathered by others.
Question 2: What is a focus group in market research?
- A targeted online advertising audience
- A moderated discussion with a small group of representative consumers to gather qualitative insights (Correct answer)
- An internal team assembled to plan a product launch
- A statistical model used to forecast sales
Correct answer: A moderated discussion with a small group of representative consumers to gather qualitative insights
A focus group is a moderated discussion with selected participants used to gather qualitative insights about consumer opinions, attitudes, and behaviors.
Question 3: What does market segmentation involve?
- Splitting a company's marketing budget equally across channels
- Dividing a target market into distinct groups with shared characteristics (Correct answer)
- Separating a brand's online and offline marketing efforts
- Creating different product lines for different price points
Correct answer: Dividing a target market into distinct groups with shared characteristics
Market segmentation divides a broad target market into subsets of consumers who share similar needs, characteristics, or behaviors.
Question 4: What is a Net Promoter Score (NPS)?
- A score that ranks a brand's social media posts by engagement
- A metric that measures customer loyalty by asking how likely they are to recommend a brand (Correct answer)
- A financial score used by investors to evaluate marketing ROI
- A rating system for advertising effectiveness based on impressions
Correct answer: A metric that measures customer loyalty by asking how likely they are to recommend a brand
NPS measures customer loyalty by asking respondents how likely they are to recommend a company to others on a scale of 0-10.
Question 5: What is competitive analysis in marketing?
- A performance review comparing team members within a marketing department
- The process of evaluating competitors' strategies, strengths, and weaknesses to identify opportunities (Correct answer)
- A legal review to prevent trademark infringement
- An analysis of a company's own past campaign performance
Correct answer: The process of evaluating competitors' strategies, strengths, and weaknesses to identify opportunities
Competitive analysis involves systematically researching competitors' marketing strategies, positioning, pricing, and performance to inform your own strategy.
Question 6: What is the purpose of a SWOT analysis in marketing?
- To evaluate social media performance metrics
- To identify a company's Strengths, Weaknesses, Opportunities, and Threats (Correct answer)
- To outline the steps of a product launch
- To compare different advertising channel costs
Correct answer: To identify a company's Strengths, Weaknesses, Opportunities, and Threats
A SWOT analysis helps marketers and businesses identify internal strengths and weaknesses alongside external opportunities and threats.
Marketing Advice Market Research and Analytics 1
What is the difference between primary and secondary market research?