Business Studies-Market Research Cloze Exercise

The following information is used for educational purposes only.


Name: Date:


Fill in the gaps with the correct term from those listed

competitors prices Secondary fundamentals Primary segmented growing promotion shares


The starting point for market research is to identify the market {1}________________:
‐ How big is the market? (measured by sales, volume etc)
‐ How fast is the market {2}___________ and what is the market growth potential?
‐ Who are the existing {3}_______________ and what market {4}__________ do they
have?
‐ How is the market {5}_____________? (the parts of the market where customers have
specific needs and wants)
‐ What kind of customers are there in the market? What are their preferences in terms
of when and where they buy, what {6}__________ they pay and which methods of
{7}_____________ are effective?
An important distinction can be made between two broad kinds of market research
data.
‐ {8}___________ data: data collected first‐hand for a specific purpose by the
entrepreneur.
‐ {9}_____________ data: data that already exists and which has been collected for a
different purpose.


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KEY:

The starting point for market research is to identify the market [_{1}fundamentals_]:
‐ How big is the market? (measured by sales, volume etc)
‐ How fast is the market [_{2}growing_] and what is the market growth potential?
‐ Who are the existing [_{3}competitors_] and what market [_{4}shares_] do they have?
‐ How is the market [_{5}segmented_]? (the parts of the market where customers have
specific needs and wants)
‐ What kind of customers are there in the market? What are their preferences in terms
of when and where they buy, what [_{6}prices_] they pay and which methods of
[_{7}promotion_] are effective?
An important distinction can be made between two broad kinds of market research
data.
‐ [_{8}Primary_] data: data collected first‐hand for a specific purpose by the
entrepreneur.
‐ [_{9}Secondary_] data: data that already exists and which has been collected for a
different purpose.