Question detail
QuickFix Repairs serves commuters while opening a second outlet; the case evidence includes net profit margin of ?7,657, sales of 502 units, and a 20% change in costs or demand. Which option best applies Identify market size and market share?
Try the question, check the answer, then read the explanation to understand the curriculum point.
At a glance
MCQ
Type
practice
Style
Topic
The purpose and methods of market research
Question
- A. Use market share, market size to judge customer retention, local community impact, and the business objective in Qualitative, quantitative and decision-making data.
- B. Give only a definition of The purpose and methods of market research without using the case evidence.
- C. Treat margin and markup as identical and ignore the effect on local community.
- D. Choose the largest sales figure without checking costs, finance, or context.
Answer
The correct option is: Use market share, market size to judge customer retention, local community impact, and the business objective in Qualitative, quantitative and decision-making data.
Explanation
The answer is commercially strongest because Use market share, market size to judge customer retention, local community impact, and the business objective in Qualitative, quantitative and decision-making data. The case evidence gives ?9,157, 502 units, and 20%, so the answer must explain the commercial effect rather than repeat a definition. The distractors are weaker because they confuse margin and markup, miss the local community, or ignore the business objective.
Common mistake
Qualitative, quantitative and decision-making data common mistake 1
Giving a vague answer instead of directly addressing: Identify market size and market share..
Answer by clearly explaining how to identify market size and market share..
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