market research gcse questions

Market Research

Market research is the process of collecting and processing information about the market that a business operates in. Market research gathers information on:

• Market research into customers’ demands is important for business success.
• Insights into customers’ wants and needs can help a business to improve the product, spot market opportunities and stay competitive.
• Insights into overall demand trends can help the firm spot opportunities for growth and potential threats from new products/technology.

Competition

• Market research into competitors can help a business understand the major threats in the market and then prepare the business to deal with these threats.
• Market research for established fashion labels like H&M would identify the threats that come from online platforms like ASOS or Boohoo.

Target market

• Market research into a business’ target market will give the company insights into their customers’ wants and needs and how they are changing over time.

Qualitative and Quantitative Research

Businesses can benefit from both qualitative and quantitative research.

Qualitative research

• Qualitative research generally collects information about opinions and views rather than things that can be quantified.
• For example, research into whether customers think the customer service at Waitrose is good is qualitative research.

Quantitative research

• Quantitative research collects factual information on things that can be quantified and recorded easily.
• For example, research into the number of cans of Coca Cola sold in the UK last year is quantitative research.

1 Enterprise & Entrepreneurship

1.1 The Dynamic Nature of Businesses

1.1.1 The Dynamic Nature of Businesses

1.1.2 Risk & Reward

1.1.3 The Role of Business Enterprise

1.1.4 The Role of Business Enterprise 2

1.1.5 The Role of the Entrepreneur

1.1.6 End of Topic Test - Dynamic Nature of Business

1.1.7 Grade 9 - Dynamic Nature of Business

1.2 Spotting a Business Opportunity

1.2.1 Customer Needs

1.2.2 Market Research

1.2.3 Market Segmentation

1.2.4 The Competitive Environment

1.2.5 Primary & Secondary Market Research

1.2.6 End of Topic Test - Business Opportunities

1.2.7 Application Questions - Business Opportunities

1.2.8 Exam-Style Questions - Market Segmentation

1.3 Putting a Business Idea into Practice

1.3.1 Business Aims

1.3.2 Business Objectives

1.3.3 Business Revenues & Costs

1.3.4 Costs - Calculations

1.3.5 Revenue - Calculations

1.3.6 Business Profits & Break-Even Analysis

1.3.7 Profits & Losses - Calculations

1.3.8 Interest - Calculations

1.3.9 Cash & Cash Flow

1.3.10 Cash & Cash Flow 2

1.3.11 Cash Flow - Calculations

1.3.12 Sources of Business Finance

1.3.13 End of Topic Test - Business in Practice

1.3.14 Grade 9 - Business in Practice

1.3.15 Exam-Style Questions - Business in Practice

1.4 Making the Business Effective

1.4.1 The Options for Start-Up & Small Businesses

1.4.2 Limited Liability

1.4.3 Franchising & Not-For-Profits

1.4.4 Business Location

1.4.5 The Marketing Mix

1.4.6 Business Plans

1.4.7 End of Topic Test - Effective Business

1.4.8 Application Questions - Effective Business

1.4.9 Exam-Style Questions - Business Plans

1.5 Business Stakeholders

1.5.1 Business Stakeholders

1.5.2 Technology & Business

1.5.3 Legislation & Business

1.5.4 Legislation & Business 2

1.5.5 The Economy & Business

1.5.6 External Influences

1.5.7 End of Topic Test - Business Stakeholders

1.5.8 Grade 9 - Business Stakeholders

2 Building a Business

2.1 Growing the Business

2.1.1 Business Growth

2.1.2 Finance

2.1.3 Changes in Business Aims & Globalisation

2.1.4 Ethics & Business

2.1.5 The Environment & Business

2.1.6 End of Topic Test - Growing a Business

2.1.7 Application Questions - Growing a Business

2.1.8 Exam-Style Questions - Business Growth

2.2 Making Marketing Decisions

2.2.1 Product

2.2.2 Product Life Cycle

2.2.3 Price

2.2.4 Pricing Methods

2.2.5 End of Topic Test - Product & Price

2.2.6 Grade 9 - Product & Price

2.2.7 Promotion & Advertising

2.2.8 PR & Sales Promotions

2.2.9 Sponsorship & Product Placement

2.2.10 Promotional Mix

2.2.11 End of Topic Test - Promotion

2.2.12 Application Questions - Promotion

2.2.13 Exam-Style Questions - Promotional Mix

2.2.14 Place & Wholesalers

2.2.15 Direct to Consumer

2.2.16 E-commerce & M-commerce

2.3 Making Operational Decisions

2.3.1 Job Production

2.3.2 Batch & Flow Production

2.3.3 Working with Suppliers

2.3.4 Effective Supply Chains

2.3.5 Just In Time & Just In Case

2.3.6 Managing Quality

2.3.7 Total Quality Management

2.3.8 The Sales Process

2.3.9 End of Topic Test - Operational Decisions

2.3.10 Grade 9 - Operational Decisions

2.3.11 Exam-Style Questions - Managing Stock

2.4 Making Financial Decisions

2.4.1 Gross Profit & Net Profit - Definitions

2.4.2 Gross Profit - Calculations

2.4.3 Net Profit - Calculations

2.4.4 Rate of Return

2.4.5 Rate of Return - Calculations

2.4.6 Research & Financial Data

2.4.7 Marketing Data

2.4.8 Percentage Change - Calculations

2.5 Making Human Resource Decisions

2.5.1 Organisational Structures

2.5.2 Organisational Structures 2

2.5.3 Recruitment

2.5.4 Effective Recruitment

2.5.5 Training a Workforce

2.5.6 Motivating a Workforce

2.5.7 End of Topic Tests - Human Resources

2.5.8 Application Questions - Human Resources

2.5.9 Exam-Style Questions - Human Resources

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Marketing: Introduction to Market Research (GCSE)

Last updated 22 Mar 2021

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The entrepreneur has come up with what he/she believes is a good business idea. But, how does the entrepreneur check that the business idea actually meets customer needs and has the potential to become a viable business? The answer is to do some market research .

Market research for a start-up or small business needs to focus on the fundamental issues, such as:

• How big the market is (measured by sales, volume etc.)
• How fast the market is growing ) & the market growth potential
• Who the existing competitors are and their share of the market
• How the market is divided up into segments ("segments" are the different parts of a larger market – e.g. low price or high quality)
• What kind of customers there are in the market. It is important to known what their preferences are in terms of when and where they buy, and the prices they pay

The main purpose of the market research is to help a business find a position in a part of the marketwhere itcharge a reasonable price and to earn reasonable profits . Often this happens when a business targets a niche market.

A niche market is a smaller part of a large market where customers have quite specific needs and wants.

By comparison, many of the goods and services you buy are offered in a mass market – where customer needs and wants are not too specific.

Here are some examples of how niche and mass markets compare:

Why should start-ups and small businesses aim for a market niche? Because surviving in high volume or mass-market segments is almost impossible. Mass markets are dominated by well-established businesses that enjoy lower costs and can charge lower prices than a smaller business. In other words, a start-up or small business will face stiff competition if it tries to compete in a mass market.

A business needs to be satisfied that there is likely to be a demand for the product. However, funds are often in short-supply which restricts how much market research can be carried out.

However, don't worry. Effective market research is not about getting hold of lots of statistics or detailed reports. It is about getting the right information to make good decisions.

Remember that a small business can learn much about the market by simply trading, talking to customers and suppliers on a day-to-day basis and reading the trade newspapers and magazines.

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Market Research Worksheet - GCSE (9-1) Business

Subject: Business and finance

Age range: 14-16

Resource type: Assessment and revision

Last updated

26 February 2022

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GCSE Business 9-1 Edexcel worksheet activity containing questions about the lesson: Market Research (useful for any exam board)

Model answers included

This resource is designed to help students apply their knowledge to exam questions/knowledge check questions. This active revision technique ensures that the worksheet will be very useful for students, and will act as a vital revision tool .

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GCSE (9-1) Business - Theme 1 Worksheets

**20 GCSE 9-1 Business Edexcel** Worksheets containing questions for whole of **THEME 1 (half of the entire course)** - (useful for other exam boards too) **Model answers included** **Worksheets included** 1. The dynamic nature of business (this resource is free download it [Here](https://www.tes.com/teaching-resource/resource-12567403) ) 2. Risk and reward 3. The role of business enterprise 4. Customer needs 5. Market research 6. Market segmentation 7. The competitive environment 8. Business aims and objectives 9. Business revenues, costs and profits 10. Cash and cash-flow 11. Sources of business finance 12. The options for start-up and small businesses 13. Business location 14. The Marketing Mix 15. Business plans 16. Business stakeholders 17. Technology and business 18. Legislation and business 19. The Economy and Business 20. External influences This resource is designed to help students apply their knowledge to exam questions/knowledge check questions. This active revision technique ensures that the worksheet will be very useful for students, and will act as a vital **revision tool**. [Click Here](https://www.tes.com/teaching-resource/resource-12567403) and download this FREE worksheet to get a flavour of what this resource is like. *We really appreciate feedback on our resources so if you kindly leave a review down below, you will be able to claim any resource (up to the value of this resource) from our shop for FREE. Just email [email protected] with your username and your chosen resource. Your chosen resource will be sent to you within 24 hours.*

Spotting a Business Opportunity Worksheets - GCSE (9-1) Business

**4 GCSE 9-1 Business Edexcel** Worksheets containing questions for the topic - **Spotting a business opportunity.** (useful for other exam boards too) **Model answers included** **Worksheets included** 1. Customer needs 2. Market Research 3. Market Segmentation 4. The competitive environment This resource is designed to help students apply their knowledge to exam questions/knowledge check questions. This active revision technique ensures that the worksheet will be very useful for students, and will act as a vital **revision tool**. [Click Here](https://www.tes.com/teaching-resource/resource-12567403) and download this FREE worksheet to get a flavour of what this resource is like. *We really appreciate feedback on our resources so if you kindly leave a review down below, you will be able to claim any resource (up to the value of this resource) from our shop for FREE. Just email [email protected] with your username and your chosen resource. Your chosen resource will be sent to you within 24 hours.*

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GCSE Business

• Specification
• Planning resources
• Teaching resources
• Assessment resources
• Introduction
• Specification at a glance
• 3.1 Business in the real world
• 3.2 Influences on business
• 3.3 Business operations
• 3.4 Human resources
• 3.5 Marketing
• 3.6 Finance
• Scheme of assessment
• General administration
• Appendix: quantitative skills in business

3.5.3 The purpose and methods of market research

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GCSE Business Studies Market Research 10...

9th - 10th grade.

GCSE Business Studies Market Research 101

14 questions

Introducing new   Paper mode

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• 1. Multiple Choice Edit 30 seconds 1 pt What is qualitative data? Data involving numbers Data involving information with no numbers Data with information that involves business' marketing strategies  data involving colors
• 2. Multiple Choice Edit 30 seconds 1 pt What is an example of primary research? Magazine Observation Newspaper Government statistics
• 3. Multiple Choice Edit 30 seconds 1 pt What is a problem with using secondary data? It is easy to find It is normally quicker to find You did not create it (it might be unreliable) You have to find the information yourself
• 4. Multiple Choice Edit 30 seconds 1 pt Seeks open-ended responses. Answers questions about “why” and “how" Qualitative Research Quantitative Research Survey Questionnaire 
• 5. Multiple Choice Edit 30 seconds 1 pt Marketing research: is used to obtain information for management to make more informed decision making. is the collection and analysis of data from a sample or census of individuals or organizations. includes all forms of market, opinion and social research such as consumer and industrial surveys. is work undertaken to determine either structural characteristics of the industry of concern.
• 6. Multiple Choice Edit 30 seconds 1 pt Secondary data has two important advantages over primary data. It is: capable of compensating for rapid environmental changes and technical improvements. always available and complete. seldom obsolete and usually fits the dimensions of your problem. generally cheaper to gather than primary data and takes less time to find.
• 7. Multiple Choice Edit 30 seconds 1 pt A common disadvantage of primary research for a startup is that: It is time-consuming to obtain It doesn't answer the questions asked It doesn't allow for qualitative questions It can't be done online
• 8. Multiple Choice Edit 30 seconds 1 pt Which of these methods is an example of primary market research? Focus group talking about the product concept A google search for relevant newspaper artlicle A government report on the target market Mintel report on the target market
• 10. Multiple Choice Edit 30 seconds 1 pt What type of data is numerical? Quantitative Qualitative Primary Secondary

Which of these is not a possible reason for carrying out market research?

To work out a possible price for a product

To find out about meeting consumer needs

To find out what the Government will do with interest rates next year

To find out how similar products/services from other companies are selling

Which of the following ARE methods of market research? (select as many as you think are appropriate)

Questionnaires

Product Tests

Online searchs

• 13. Multiple Choice Edit 30 seconds 1 pt What is reliability? A set of questions fully answering what the business wants to know about a target market When a research technique produces results that are not correlated   When you can count on a company to perform well in the upcoming year When a research technique produces nearly identical results in repeated trials
• 14. Multiple Choice Edit 30 seconds 1 pt Tyler walks into a Starbucks, and keeps track of how many caramel cinnamon lattes are being sold to gather data. What method is he using? Survey Observation Product Mix Product line

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Market Research

• Market research is a systematic method of gathering, analysing, and interpreting information about a market, including its customers and competitors.
• It is crucial for businesses to better understand the needs and wants of their target audience, competition, and market trends, helping them to make more informed and effective decisions.
• Primary research or field research involves fresh data collected for a specific purpose. This includes techniques such as surveys, interviews, questionnaires, focus groups, and observations.
• Secondary research or desk research involves using existing data that has been collected by another entity for a different purpose. This includes internal business records, government statistics, newspapers, industry reports, and academic studies.
• Qualitative research provides in-depth understanding and explores attitudes, behaviour, and experiences. It often uses small sample sizes and includes methods such as personal interviews and focus groups.
• Quantitative research involves numerically oriented data, such as statistics or percentages. Generally speaking, it uses larger sample sizes and includes methods such as surveys and questionnaires.
• Market segmentation divides a market into distinct groups with different needs, characteristics, or behaviour who might require distinct products or marketing approaches. Common factors for segmentation include geographical location, demographics (age, gender, occupation, etc), psychographics (lifestyle, values, personality, etc), and behaviour (brand loyalty, usage rate, etc).
• A market map or perceptual map is a diagram that visually represents the perceptions of customers or potential customers about specific attributes of a business or product compared to its competitors. It helps businesses identify market gaps and opportunities.
• Sampling is a process used in statistical analysis in which a predetermined number of observations are taken from a larger population. There are different sampling methods including random, stratified, cluster, and convenience.
• The purpose of market research is to help a business reduce risks by making effective and strategic decisions about product design, pricing, promotions, distribution, and growth opportunities.

3.2 – Market Research

Product-oriented business: such firms produce the product first and then tries to find a market for it. Their concentration is on the product – its quality and price. Firms producing electrical and digital goods such as refrigerators and computers are examples of product-oriented businesses.

Market-oriented businesses: such firms will conduct market research to see what consumers want and then produce goods and services to satisfy them. They will set a marketing budget and undertake the different methods of researching consumer tastes and spending patterns, as well as market conditions. Example, mobile phone markets.

Market research is the process of collecting, analysing and interpreting information about a product.

Why is market research important/needed? Firms need to conduct market research in order to ensure that they are producing goods and services that will sell successfully in the market and generate profits. If they don’t, they could lose a lot of money and fail to survive. Market research will answer a lot of the business’s questions prior to product development such as ‘will customers be willing to buy this product?’, ‘what is the biggest factor that influences customers’ buying preferences- price or quality?’, ‘what is the competition in the market like?’ and so on.

Market research data can be quantitative  (numerical-what percentage of teenagers in the city have internet access) or qualitative (opinion/ judgement- why do more women buy the company’s product than men?)

Market research methods can be categorized into two: primary and secondary market research.

Primary Market Research (Field Research)

The collection of original data. It involves directly collecting information from existing or potential customers. First-hand data is collected by people who want to use the data (i.e. the firm). Examples of primary market research methods include questionnaires, focus groups, interviews, observation, and online surveys and so on.

The process of primary research:

•  Establish the purpose of the market research
• Decide on the most suitable market research method
• Decide the size of the sample (customers to conduct research on) and identify the sample
• Carry out the research
• Collate and analyse the data
• Produce a report of the findings

Sample is a subset of a population that is used to represent the entire group as a whole. When doing research, it is often impractical to survey every member of a particular population because the number of people is simply too large. Selecting a sample is called sampling . A random sampling occurs when people are selected at random for research, while quota sampling is when people are selected on the basis of certain characteristics (age, gender, location etc.) for research.

Methods of primary research

• Questionnaires : Can be done face-to-face, through telephone, post or the internet. Online surveys can also be conducted whereby researchers will email the sample members to go onto a particular website and fill out a questionnaire posted there. These questions need to be unbiased, clear and easy to answer to ensure that reliable and accurate answers are logged in.  (The first part of this wikiHow article will give you the basic idea of how a questionnaire should be prepared.)

Advantages:

• Detailed information can be collected
• Customer’s opinions about the product can be obtained
• Online surveys will be cheaper and easier to collate and analyse
• Can be linked to prize draws and prize draw websites to encourage customers to fill out surveys

Disadvantages:

• If questions are not clear or are misleading, then unreliable answers will be given
• Time-consuming and expensive to carry out research, collate and analyse them.
• Interviews : interviewer will have ready-made questions for the interviewee.
• Interviewer is able to explain questions that the interviewee doesn’t understand and can also ask follow-up questions
• Can gather detailed responses and interpret body-language, allowing interviewer to come to accurate conclusions about the customer’s opinions.
• The interviewer could lead and influence the interviewee to answer a certain way. For example, by rephrasing a question such as ‘Would you buy this product’ to ‘But, you would definitely buy this product, right?’ to which the customer in order to appear polite would say yes when in actuality they wouldn’t buy the product.
• Time-consuming and expensive to interview everyone in the sample
• Focus Groups : A group of people representative of the target market (a focus group) agree to provide information about a particular product or general spending patterns over time. They can also test the company’s products and give opinions on them.
• They can provide detailed information about the consumer’s opinions
• Time-consuming
• Opinions could be influenced by others in the group.
• Observation : This can take the form of recording (eg: meters fitted to TV screens to see what channels are being watched), watching (eg: counting how many people enter a shop), auditing (e.g.: counting of stock in shops to see which products sold well).
• Inexpensive

Disadvantage:

• Only gives basic figures. Does not tell the firm why consumer buys them.

Secondary Market Research (Desk Research)

The collection of information that has already been made available by others. Second-hand data about consumers and markets is collected from already published sources.

Internal sources of information:

• Sales department’s sales records, pricing data, customer records, sales reports
• Opinions of distributors and public relations officers
• Finance department
• Customer Services department

External sources of information:

• Government statistics : will have information about populations and age structures in the economy.
• Newspapers : articles about economic conditions and forecast spending patterns.
• Trade associations : if there is a trade association for a particular industry, it will have several reports on that industry’s markets.
• Market research agencies : these agencies carry out market research on behalf of the company and provide detailed reports.
• Internet : will have a wide range of articles about companies, government statistics, newspapers and blogs.

Accuracy of Market Research Data

The reliability and accuracy of market research depends upon a large number of factors:

• How carefully the sample was drawn up, its size, the types of people selected etc.
• How questions were phrased in questionnaires and surveys
• Who carried out the research: secondary research is likely to be less reliable since it was drawn up by others for different purpose at an earlier time.
• Bias: newspaper articles are often biased and may leave out crucial information deliberately.
• Age of information: researched data shouldn’t be too outdated. Customer tastes, fashions, economic conditions, technology all move fast and the old data will be of no use now.

Presentation of Data from Market Research

Different data handling methods can be used to present data from market research. This will include:

Notes submitted by Lintha

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10 thoughts on “ 3.2 – Market Research ”

this is fucking cool

Like Liked by 2 people

ty this has helped me alot

Like Liked by 1 person

love the notes, there is a typo : external sources if information, thanks anyway 🙂

Thanks for pointing that out! It’s been corrected 🙂

you are amazing👌❤❤

Will there be any notes for ICT or Mathematics ?

Unlikely. We’re all full-time students now and simply don’t have the time. Maybe sometime in the future, but no plans as of now. Sorry!

I really love this! Now i don’t have to make notes anymore lol

Thank you so much!!!! xoxo

You’re welcome!

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• Market Research

30 market research questions for startups to ask

Business owners say that a lack of market research is one of the top reasons that businesses fail. It’s proof that while good ideas are powerful, they’re not enough to ensure the success of your startup.

If you want your new business to thrive, then robust market research is a necessity. And an essential part of the process is asking the right market research questions for startups.

In this article, we’ll discuss types of market research, review why market research is important for startups, and outline methods for conducting a market research survey. Then we’ll help you get started by sharing 30 example market research questions for startups to ask and highlighting how Jotform can help startups create the perfect market research survey.

The benefits of market research for a startup

Market research is the process of collecting data about the audience for a product or service (such as information on their attitudes, opinions, buying behavior, level of customer satisfaction, and awareness of your brand). This data is then combined with research on market size, competitors, and industry trends.

You can use the insights you’ve gathered from this research to create or enhance a positive user experience, improve your brand’s products and services, differentiate your company in the marketplace, and make other decisions that will ensure your startup succeeds.

While it certainly would be disappointing to discover that there’s no market for your potential solution, understanding this before you sink months or years of your blood, sweat, and tears into a project will save you a lot of headache and heartache going forward.

Market research can be helpful in many other ways. It allows you to

• Test your ideas
• Clarify and understand your ideal client profile (ICP)
• Attract investors by gathering data that proves the viability of your idea
• Differentiate your startup by analyzing the competition
• Identify market gaps where you have a competitive advantage
• Mitigate risk and boost the odds of success
• Determine the right pricing strategy
• Gather insights for developing your marketing and branding strategy
• Improve your current product or service based on customer feedback
• Understand shifts in the marketplace so you can adapt your business accordingly

Market research can provide a solid road map for making the kind of informed, data-driven decisions that will help you navigate the twists and turns along the way to startup success.

Types of market research

The two main types of market research are primary research and secondary research.

Primary market research is the process of gathering market data directly from your target audience through methods such as in-person interviews, questionnaires, online surveys, phone interviews, focus groups, and existing customer reviews.

Secondary market research is the process of reviewing information third parties have collected and shared via industry publications and studies, academic journals, news sites, white papers, and public databases.

Primary and secondary research can be both qualitative and quantitative. With qualitative research , you discover how your target audience thinks and feels, often by asking open-ended questions on a survey or reviewing interview transcripts. With quantitative research , the data you gather is numbers-based and measurable, such as test scores, website traffic numbers, subscriber counts, or numbers and percentages you’ve gathered from survey question responses.

Methods for conducting a market research survey for startups

A market research survey for startups should aim to collect reliable data on the target audience, competitors, and industry trends. This data can help you create an effective marketing strategy that appeals to your ICP, a value proposition that differentiates your startup from competitors, and an understanding of trends in your market.

There are several reliable methods for collecting market research data. Four common approaches include in-person interviews, telephone interviews, focus groups, and online surveys .

In-person interviews

Interviews are one-on-one conversations with people in your target market. You can conduct them through video if a face-to-face meeting isn’t possible. In-person interviews allow you to read non-verbal cues, which can be helpful for getting context you wouldn’t otherwise have access to.

Telephone interviews

Telephone interviews involve asking your participants questions over the phone. Because respondents aren’t meeting face to face or on camera with an interviewer, they may feel more comfortable answering questions and sharing more information. That said, not many organizations use phone surveys these days because many people won’t answer a call from a number they don’t recognize.

Focus groups

Like interviews, focus groups are also conducted in person, but they involve a small group of people who are representative of the target market. In this setting, a trained moderator asks questions about participant opinions, interests, and tastes related to a product or service, user experience, company branding or marketing, or competing products and services.

Online surveys

This method of conducting market research involves distributing surveys via email, a website, or social media. Online surveys often have a higher response rate than other methods because they are convenient for respondents — anyone with an internet connection can complete them online on any device.

Advantages of online surveys for conducting market research

Online surveys are a popular and powerful way to conduct market research because of their many advantages:

• They offer an easy, low-cost way to collect lots of data, which means you can get a statistically reliable sample to base your decision-making on.
• The data you gather with online surveys is usually straightforward to analyze.
• You can use them to reach a specific target market.
• You can use them to collect both qualitative and quantitative data on customer preferences, market trends, and more.
• You can distribute them to anyone with an internet connection in any location around the world.
• Participants can access them easily and complete them more quickly.
• Because online surveys can be anonymous, respondents may be more likely to share their honest thoughts and opinions.
• They’re more accurate than other methods because respondents record their answers directly into the survey, rather than having someone else record responses.
• You can analyze results quickly and share them easily with others.

30 example market research questions for startups

There are several question types you can include in your market research survey, such as yes/no or single choice questions, multiple choice questions, open-ended questions, star rating questions, ranking questions, and more.

Let’s take a look at 30 example market research questions for startups.

Yes/no or single choice questions

• Do you ever purchase products/services in this category?
• Have you purchased our product/service before?
• How many other products like this do you own?

Multiple choice questions

• How many similar products/services like ours have you tried?

[0; 1–2; 3–4; 5 or more]

• What’s your main source of information for products/services like ours? [Include a list of options.]
• Which of these companies have you purchased this product from in the past six months? [Include a list of competitors.]
• What would you be willing to spend on an effective product/service in this category? [Include a list of price categories.]
• How do you prefer to purchase products like ours? [Include a list of choices: online, in the store, or through a mobile app.]

Star rating questions

You can introduce these questions with instructions like: Please select an answer between 1–5 stars, with 1 being the lowest rating and 5 being the highest.

• How would you rate our customer service?
• How would you rate our product selection online?
• How would you rate the ease of using our communication channels to contact us?

Ranking questions

• On a scale of 1–5, how would you rate the effectiveness of our product/service?
• Which product features do you use the most? Rank them in order, from most to least.
• In order of importance, please rank the top three things that persuaded you to consider our product rather than a competitor’s.
• On a scale of 1–10, how likely are you to recommend our product/service to your friends, family, and colleagues?

Checkbox questions

• Which of the following features do you use in our app? [Include a list of 4–5 app features.]
• Which of the following features are most important to you when considering a product or service in this category? [Include a list of 4–5 features of your product/service.]

Open-ended questions

• What has the greatest influence on your purchasing decisions: price, quality, ease-of-use, or something else?
• What was your biggest concern about purchasing our product/service?
• What were your first impressions of our product/service?
• What do you like most about our new product/service?
• What do you like least about our new product/service?
• What do you wish our product/service did that it doesn’t do?
• What feature do you think we should add to help improve the product experience for you?
• How would you feel if this product/service was no longer available?
• What challenges do you currently face in your industry (related to this product/service)?
• What problem were you trying to solve by buying a product/service in this category?
• What similar products/services have you used to solve this problem in the past?
• Describe what was happening the day you decided to solve this problem.
• Is there anything else you’d like to add that wasn’t addressed in any of the previous questions in this survey?

Create a market research survey for your startup with Jotform

You can easily create a survey using one of Jotform’s 70-plus marketing survey templates . Simply choose a template and customize it to match your goals and your company’s branding. Then share it with a link, through email, or by embedding it on your website to start collecting responses.

The free market research survey template is fast and easy to set up. It allows you to collect demographic information such as age, gender, household income, and education level, and its multiple-choice format makes it simple for respondents to complete. Customize it with your company logo, change the text and colors, and you’ll be ready to go. Or for another option, choose this market research template .

It’s easy to embed surveys in a website , and thanks to Jotform Tables , you can collect, organize, and manage data as well as track survey responses in an all-in-one workspace. Finally, Jotform Report Builder allows you to visualize your survey results and turn them into beautiful, professional reports and presentations that automatically update with each new submission. You can present your reports or share them in seconds — for free.

Photo by Annie Spratt on Unsplash

Thank you for helping improve the Jotform Blog. 🎉

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An Overview of Global Market Insights: Your Top Questions Answered

by Sarah Schmidt , on May 28, 2024

Thousands of reports by GMI are currently available on MarketResearch.com. To help you better understand this research provider and their unique expertise, here are some answers to frequently asked questions about GMI.

What is Global Market Insights?

GMI was founded in 2016 as a multinational corporation with operations across offices in Pune, India and Delaware, USA.

• Nature of business : Since 2016, GMI has been publishing detailed market research reports and analysis, covering a wide array of industries including technology, chemicals, energy, healthcare, automotive, and more. With over 6,500 published reports across key markets, GMI offers a complete repository of high value market reports.
• Global reach : The company's research covers global markets, offering insights into regional trends, international developments, and cross-border dynamics. This global perspective is crucial for multinational corporations and businesses seeking to expand internationally.
• Client-oriented approach : Global Market Insights offers customized research solutions to meet specific client needs. This flexibility ensures that clients receive relevant and actionable insights tailored to their unique requirements.

Who is the CEO of Global Market Insights?

George Taube serves as the President of Global Market Insights Inc. while Charanjeet Ailsinghani serves as the CEO of Global Market Insights Research PVT Ltd.

Is Global Market Insights reliable?

Over the last 8 years, GMI has emerged as a stand-out quality research partner for global companies, regional players, organizations, NPO as well as government agencies.

Some key factors that make GMI a trusted and reliable partner include:

• Robust research methodology :
• GMI uses a combination of primary research & granular data mining techniques to design reports. Primary research involves direct interactions with industry stakeholders, experts, and key players through surveys, interviews, and discussions.
• Data mining is a key strength of GMI. With access to a number of key database sets, associations, reporting organizations, GMI ensures that clients get the most granular and validated information possible.
• Expertise and experience
• The GMI research team is carefully structured with experienced analysts with extensive industry knowledge. These experts bring with them a deep understanding market dynamics and factors driving growth and change in various industries.
• Data validation and cross-verification :
• GMI employs rigorous data validation processes to ensure the accuracy and reliability of reports. GMI cross-verifies data from multiple sources, reducing the likelihood of errors or inconsistencies.
• This validation process adds an additional layer of robustness to the research, enhancing the credibility of the firm's insights.
• Consistency and accuracy :
• GMI has a track record of delivering consistent and accurate market forecasts. Their reports often align with real-world market developments, demonstrating the reliability of their analysis.
• Clients rely on Global Market Insights for strategic planning, market entry, and investment decisions, indicating their trust in the company's reliability.
• Comprehensive coverage :
• Global Market Insights provides detailed insights into a wide range of industries, allowing clients to gain a holistic understanding of market dynamics. This comprehensive coverage helps clients make informed decisions across multiple sectors.
• The firm's reports include market trends, growth drivers, challenges, competitive analysis, technology trends, and regulatory insights, providing a complete view of the market landscape.
• Certifications & accreditations:
• Global Market Insights has achieved ISO certification, indicating that the company adheres to international standards for quality management systems. This certification is a testament to the firm's commitment to quality and reliability.
• Global Market Insights is registered with the Better Business Bureau (BBB), demonstrating its commitment to ethical business practices, transparency, and customer satisfaction. A positive BBB rating reflects the firm's reliability and trustworthiness in dealing with clients.
• The firm's registration with the System for Award Management (SAM) indicates that it meets U.S. government requirements for doing business with federal agencies, showcasing its credibility and compliance with regulatory standards.
• Strong industry relationships :
• The company has established strong relationships with key industry players, enabling them to gather valuable insights and stay ahead of market trends. These connections contribute to the depth and quality of their research.
• Partnerships with industry organizations, trade groups, and thought leaders enhance the firm's ability to deliver accurate and reliable information.

What type of information is provided in a GMI report?

As standard business practice, GMI research reports include comprehensive industry analysis, including but not limited to:

• Growth drivers
• Market challenges
• Regulatory scenario
• Technology evolution
• Unmet needs
• Cost analysis
• Pricing trends
• Production statistics
• Trade statistics
• Total Addressable Market (TAM)
• Raw material trends
• Company market share
• Benchmarking analysis
• Competition evolution over the next 7 years
• Regional & country level data including
• Historic/actual market data over the last 3 years
• Forecast for the next 8 years

What are some popular reports by Global Market Insights?

Trending reports by this publisher include:

• Hearing Aids Market by Product, by Patient & Global Forecast
• Utility Terrain Vehicle (UTV) Market Size, Regional Outlook, & Forecast
• Infection Control Supplies Market Size
• Infant Formula Ingredients Market Size & Global Forecast

Explore additional Global Market Insights reports

Search MarketResearch.com to find all the latest Global Market Insights reports . On the GMI publisher page, click the "refine your search" button to search for specific keywords or titles.

Need assistance? Get in touch with our research specialists, who are available to answer your questions and help you find what you need by this publisher or hundreds more.

About the author : Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.

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Business planning, website development, product or service selection, marketing and promotion, is it a good idea to start an online business, can i start an online business with $100, what are different types of online marketing strategies, the bottom line.

• Small Business
• How to Start a Business

How to Start an Online Business: A Step-by-Step Guide

Crafting a Winning Business Plan: Setting Goals and Strategies

Katie Miller is a consumer financial services expert. She worked for almost two decades as an executive, leading multi-billion dollar mortgage, credit card, and savings portfolios with operations worldwide and a unique focus on the consumer. Her mortgage expertise was honed post-2008 crisis as she implemented the significant changes resulting from Dodd-Frank required regulations.

• How to Start a Business: A Comprehensive Guide and Essential Steps
• How to Do Market Research, Types, and Example
• Marketing Strategy: What It Is, How It Works, How To Create One
• Marketing in Business: Strategies and Types Explained
• What Is a Marketing Plan? Types and How to Write One
• Business Development: Definition, Strategies, Steps & Skills
• Business Plan: What It Is, What's Included, and How to Write One
• Small Business Development Center (SBDC): Meaning, Types, Impact
• How to Write a Business Plan for a Loan
• Business Startup Costs: It’s in the Details
• Startup Capital Definition, Types, and Risks
• Bootstrapping Definition, Strategies, and Pros/Cons
• Crowdfunding: What It Is, How It Works, and Popular Websites
• Starting a Business with No Money: How to Begin
• A Comprehensive Guide to Establishing Business Credit
• Equity Financing: What It Is, How It Works, Pros and Cons
• Best Startup Business Loans
• Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC
• Partnership: Definition, How It Works, Taxation, and Types
• What is an LLC? Limited Liability Company Structure and Benefits Defined
• Corporation: What It Is and How to Form One
• Starting a Small Business: Your Complete How-to Guide
• Starting an Online Business: A Step-by-Step Guide CURRENT ARTICLE
• How to Start Your Own Bookkeeping Business: Essential Tips
• How to Start a Successful Dropshipping Business: A Comprehensive Guide

Oscar Wong / Getty Images

If you want to get into the online business game, it’s a good time to start. The COVID-19 pandemic reshaped online consumer spending, including how people shop online and how they research products.

Today, 76% of Americans buy products online. Furthermore, roughly a third of people purchase items online weekly. From setting up an ecommerce business to offering web design services, there are countless avenues to explore as an entrepreneur.

Below, we’ll walk through each step to building an online business.

Key Takeaways

• When starting an online business, comprehensive market research is critical for identifying your target audience and learning how to resonate with your customers and understand their needs.
• Creating a business plan is an important step for outlining your business goals. It also includes your product description, target market, and financial projections, among other core components.
• Building your website involves setting up a domain name, finding a hosting company, and designing a strong website with consistent branding that allows your customers to navigate it intuitively.
• Choosing the right product or service to sell is essential. It’s important to think about how you’re addressing an unmet need.
• Several digital marketing strategies can be utilized, from content marketing to paid advertising, to help your business grow.

Successful online entrepreneurs study hard in order to have a thorough understanding of their market. This is important for knowing exactly how to reach your target market , because these are the people who will buy your products and drive your business growth.

At its core, market research is about understanding your customers’ needs, pain points, and solutions. It is designed to help your business better meet these needs.

Steps to Conduct Market Research

Market research involves understanding key aspects of your current and future customers. To get a clear sense of your target market, outline the characteristics of your audience—for example, age, location, gender, income, job title, and key pain points.

Once you have identified your target audience, conduct research on the following topics, which will tell you about how they make decisions and how you can better position your business:

• What are the challenges that your target market faces?
• Where do they research a given product or service?
• What are their views on pricing for this product or service?
• What factors influence their decision to make a purchase?
• Who are your competitors?

To put this market research into action, there are a number of different avenues you can take:

• Focus groups
• Competitive analysis
• Brand awareness research
• Market segmentation research

Consider the following questions that may be asked in an interview or focus group to learn more about your audience:

• “How do you search for that product?”
• “How useful was it?”
• “What words do you use when you search on Google?”

When you have completed your market research, identify what you have learned as well as your next steps based on these insights.

Creating a business plan is a key first step for all business owners . It is important for companies looking to secure funding resources. It also serves as a blueprint to summarize your key business objectives and goals.

To write a business plan , incorporate these eight main sections, which are often found in traditional templates:

• Executive summary : This is typically a one-page section that explains your objectives and includes your mission statement, core team, and why your company is positioned for success.
• Company description : This describes what you offer, your competitive advantages, and your business goals.
• Market analysis : This is where you explain your target market, market size, market trends, and competitive landscape.
• Organization and management : Explain who is working on your team and their professional background and experience.
• Service or product line : Describe the product or service you are offering, including any copyright or plans for patenting.
• Marketing and sales : Discuss your marketing and sales strategy. Discuss your pricing, key metrics, and sales plan.
• Funding request : If you are a company looking for funding, here is where you outline the capital you are requesting and where it will be allocated.
• Financial projections : Include projections for your company’s revenue and expenses. Consider including an income statement, balance sheet, and cash flow statement in this section.

A business plan is important because it helps clarify your action points, who you are, and what you offer, all in a coherent template.

Getting your business online is the next key step. In an ever-changing environment, it is important to know the tools, trends, and strategies for building a strong online presence to allow your business to grow.

Registering Your Domain

The first step is registering your name, or your website address. This can be in the form of your business name “.com.” To purchase your domain name, you can go to sites like GoDaddy or Namecheap . If you decide to build your website using WordPress, you will need to use a site such as these to host your website.

Web Hosting Companies

Alternatively, you can buy your domain name at a hosting company. These are companies like Shopify , Wix , or Amazon Web Services , that may also offer tools to build your website and release content on them. 

Website Design

A well-designed website is important for many reasons. Using a website builder, such as Mailchimp or Squarespace , can allow you to choose a theme, customize your pages, create relevant content, and set up a payment page.

Other key aspects of your website design include its functionality, simplicity, and ease of use. Allowing your potential customers to navigate the site intuitively will be key to their experience. Brand consistency—in your logo, colors, and typeface, for example—is also key to creating a unified brand.

Another essential part of website design is its mobile application. You’ll want to ensure that your website runs smoothly on mobile, that images load properly, that the text is legible, and that buttons are intuitive to click.

This step focuses on how to choose the right product or service to sell. At the heart of this choice is the goal of solving a customer’s problem. But there are a number of strategies you can use to identify your product idea.

For example, you might consider analyzing companies with high-profit margins, products that align with your passion, burgeoning trends, items trending on online marketplaces, and/or customer reviews.

With this in mind, analyze how this product will get to your customers. Additionally, you may consider products that are not available in stores in your local market but are offered in communities such as Europe or Japan, for example.

Marketing strategy and promotion is an essential driver of business growth. As the digital landscape evolves, it’s important to have an effective marketing plan that resonates with changing consumer preferences and needs.

Here are questions that companies can consider as they create their marketing strategy, navigating today’s environment:

• Impact, value, and growth : What are the goals and key performance indicators (KPIs) that will measure success for your business? How will you explain the value that the business provides to its customers and/or society? Create an “elevator speech”—a 30-second description of what you offer and why it’s special.
• Customer need and brand promise : How does the brand meet a customer’s need through its products and services?
• Customer experience : How will the business deliver the best experiences at each stage of the customer journey?
• Organizational model : How will the business operate to serve the customer with the most impact?

These will help you understand what types of strategies can have real impact.

Types of Marketing Strategies

Consider the following digital marketing strategies that can be used for your online business:

• Email marketing
• Social media marketing
• Paid advertising
• Search engine optimization (SEO)
• Content marketing
• Influencer marketing

Each of these presents a different way to reach your target audience, drive conversions, or build brand awareness, depending on your marketing goals.

You need to determine that for yourself. But before starting an online business, it’s important to assess the time, investment, and resources you’ll need to get it off the ground. While the barrier to entry can be quite low, it’s worth considering your goals and strategies for making it a reality.

However, compared with starting up a traditional brick-and-mortar business, the risks of launching an online business may be reduced due to lower upfront costs such as rent, staff, and materials, among others.

The short answer: yes. While it depends on the type of business you hope to pursue, there are many ways to set up an online business at very little cost. For example, you could offer your services doing freelance work, photography, bookkeeping, or personal training. The primary costs involved include setting up your business website, which can cost as little as $2 to $20 each year with companies such as GoDaddy.

There are a number of digital marketing strategies that online businesses can use, such as content marketing, email marketing, paid advertising, SEO, and influencer marketing. Each of these strategies can be useful, depending on your product and goals.

Starting an online business can be a powerful way to launch a new product or service while reaching a wider audience. With market research, a solid business plan, a strong website, and a digital marketing strategy, you can get started in growing your company effectively. As customers increasingly make decisions virtually, building an online business is vital to any business owner’s success.

Pew Research Center. “ For Shopping, Phones Are Common and Influencers Have Become a Factor—Especially for Young Adults .”

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

U.S. Small Business Administration. “ Write Your Business Plan .”

Ogilvy. “ Getting Future Ready with Marketing Transformation ,” Page 15.

GoDaddy. “ How Much Does a Domain Name Cost? Find Out! ”

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Market segmentation - Edexcel Test questions

Segmentation is how a business splits up its target market and is based on location, demographics, behaviour, lifestyle, income and age.

Part of Business Spotting a business opportunity

More guides on this topic

• Market research - Edexcel
• Competitive environment - Edexcel
• Customer needs - Edexcel

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