Market Research - IELTS Listening Answers & Explanations
From Collins Practice Tests For IELTS 3 Academic Listening Test 2 · Part 4 · Questions 31–40
Audio
Questions
Questions 31–31 Multiple Choice (One Answer)
Choose the correct letter, A, B or C.
Questions 32–34 Multiple Choice (Three Answers)
Choose THREE letters, A-G.
Questions 35–36 Multiple Choice (One Answer)
Choose the correct letter, A, B or C.
Questions 37–40 Sentence Completion
Complete the sentences below.
Write NO MORE THAN TWO WORDS for each answer.
- Feedback can be more easily obtained when you have an 37 presence.
- You can find out what your visitors' 38 are from your most visited social media posts.
- Send visitors to a 39 for more detailed information.
- Consider providing a 40 of your product in order to get feedback.
Answers & Explanations Summary
| # | Answer | Evidence | Explanation |
|---|---|---|---|
| Q31 | A | You're sure there's a huge market for it and that it will sell well. You start planning what it will look like in your head - you've even got ideas for the website and how you're going to make those sales. And for a lot of small businesses and inexperienced entrepreneurs, the next step is creating that product or service and getting it out there as quickly as possible | Excerpt/Transcript Explanation: The transcript shows that entrepreneurs feel very certain that a lot of people will buy their product (a 'huge market'). It then states that many 'inexperienced entrepreneurs' jump straight to putting their product on sale because they believe this so strongly. Answer Explanation: The answer means that many new business owners believe there is a large group of people who will want to buy their product. Reason For Correctness: The correct answer is A because the speaker says entrepreneurs feel 'sure there's a huge market' for their new ideas. The phrase 'huge market' means there are many potential customers. The speaker explicitly mentions that 'inexperienced entrepreneurs' often act on this belief without checking if it is true, which is the mistake the lecture warns about. |
| Q32 | — | — | |
| Q33 | — | — | |
| Q34 | B / D / F | The entrepreneur thinks they know what the customer wants, perhaps thinks that the customer doesn't even realise they want it. Sometimes it's the concern that the research will be complicated and cost a lot of money and time, and for a start-up without any income, that can be a real concern. More often than not, however, it's because the person concerned doesn't want to get negative feedback or be shown that in fact, there's no market for their idea | Excerpt/Transcript Explanation: The transcript explains that entrepreneurs often think they already know what people need, they are worried about spending money they don't have, and they are scared to hear bad news about their business idea. Answer Explanation: The answer identifies three reasons why people choose not to do market research: they believe they already understand what customers want, they are afraid of hearing that their idea is bad, and they worry they do not have enough money to pay for it. Reason For Correctness: The correct answer is found in the section explaining why market research is often skipped. The speaker lists three main reasons: first, business owners are "blinded by their idea" and believe they already "know what the customer wants" (Choice B). Second, they worry that research will "cost a lot of money" when the business has "no income" (Choice F). Finally, many people avoid research because they do not want to receive "negative feedback" or discover that there is no demand for their product (Choice D). |
| Q35 | A | That's not to say it can't be done, but appealing to as wide a market as possible requires facing stiff competition, will probably make excessive demands on your marketing budget, and ultimately may fail as you won't be able to appeal to individual tastes or requirements | Excerpt/Transcript Explanation: The transcript explains that while you can try to sell to everyone, it is hard because of other businesses and the fact that it will likely cost a very large amount of money for marketing. Answer Explanation: The answer means that trying to sell your product to many different types of people can cost a business a lot of money. Reason For Correctness: The correct answer is A because the transcript warns that trying to reach the largest possible market is difficult. It explains that this approach will likely use up a very large amount of the money set aside for advertising. In the text, the phrase 'excessive demands on your marketing budget' means that it will be very expensive to tell everyone about the product. |
| Q36 | C | What is the competition, and are you prepared to compete against them on price or quality of product or service? Why should customers decide to buy from you rather than them? Alternatively, perhaps you see a gap in the market, something that nobody else is offering | Excerpt/Transcript Explanation: The transcript explains that when you look at other businesses, you should ask why people would choose you. It suggests looking for a 'gap,' which means providing a product or service that no one else has yet. Answer Explanation: The answer means that if there is a lot of competition, you should think about providing a product or service that is special or different from what others are selling. Reason For Correctness: The correct answer is based on the idea of finding a 'gap in the market.' When you research your competition, you need to figure out why a customer would choose your business instead of another. The transcript suggests that one way to succeed is to offer something that 'nobody else is offering,' which makes your business unique and gives customers a reason to buy from you. |
| Q37 | online | Research like this provides invaluable feedback and is particularly do-able when you plan to sell online or have an online following | Excerpt/Transcript Explanation: The transcript explains that gathering helpful information from customers is quite easy if you intend to do business on the internet or if you already have people who follow your work online. Answer Explanation: The answer means that it is much simpler to get opinions and advice from potential customers if your business uses the internet. Reason For Correctness: The correct answer is 'online' because the speaker mentions that getting feedback from customers is very easy when you sell things on the internet or have people following you on the web. In the sentence, the word 'presence' is used to describe being active or visible on the internet, which the text refers to as selling 'online' or having an 'online following'. |
| Q38 | interests / needs | Start by looking at the most popular posts on your social media page or blog: what do they tell you about your visitors' interests? Links to a questionnaire can be used to dig down further to find out more about your visitors' needs | Excerpt/Transcript Explanation: The transcript explains that by checking which of your online posts people like the most, you can learn what things they are interested in. It also mentions that you can use a list of questions (a questionnaire) to learn exactly what things they need. Answer Explanation: The answer means that looking at your most popular social media posts helps you understand what your audience likes or what they require. Reason For Correctness: The correct answer is 'interests / needs' because the lecturer explains that analyzing your most popular social media content is a way to understand your visitors. According to the transcript, these popular posts reveal 'interests,' while using a follow-up questionnaire allows a business to learn about their 'needs.' Examining what people engage with most helps a business discover what their potential customers care about. |
| Q39 | questionnaire | Links to a questionnaire can be used to dig down further to find out more about your visitors' needs | Excerpt/Transcript Explanation: The transcript tells us that providing a link to a questionnaire helps a business find out more specific details about the people visiting their site or page. Answer Explanation: The answer "questionnaire" is a list of questions that a business sends to people to get more information about what they like or need. Reason For Correctness: The correct answer is "questionnaire" because the lecturer explains that when businesses have an online presence, they can use a link to a questionnaire to get more specific information about their audience. This matches the phrase "more detailed information" in the question, as the transcript uses the term "dig down further" to mean getting more details about the visitors. |
| Q40 | free sample | You could create a free sample of your product and ask if visitors to your social media or blog page would be prepared to buy more | Excerpt/Transcript Explanation: The transcript says that making a version of your product that costs no money is a good way to find out if people would be interested in buying more of it in the future. Answer Explanation: The answer means a small amount of a product that is given to people for nothing (zero cost) so they can try it first. Reason For Correctness: The correct answer is 'free sample' because the speaker mentions this as a specific way to get opinions from customers. By giving something away for free, you can ask people if they like it, what they want to change, and how much they would pay for it, which provides helpful feedback before the official launch. |
Transcript
Lecturer: Good morning, everyone. In last week's lecture we looked at managing your costs as a business. If you missed the lecture, the video is available online. Now, this week I'd like to talk to you about an area that often gets ignored or, at best, isn't given sufficient attention by new businesses: market research.
The entrepreneurs amongst you will all know the feeling: you're lying in bed one night when suddenly you get this idea for a fantastic product. You're sure there's a huge market for it and that it will sell well. You start planning what it will look like in your head - you've even got ideas for the website and how you're going to make those sales. And for a lot of small businesses and inexperienced entrepreneurs, the next step is creating that product or service and getting it out there as quickly as possible.
But unless they're incredibly lucky or have a business instinct that most of us lack, this is a huge mistake that could cost a lot of money or even see the business fail. The missing piece of the jigsaw is market research. Why does this get missed out? Often, it's because the business owner is blinded by their idea. It's so innovative that it's bound to be successful. The entrepreneur thinks they know what the customer wants, perhaps thinks that the customer doesn't even realise they want it. Sometimes it's the concern that the research will be complicated and cost a lot of money and time, and for a start-up without any income, that can be a real concern. More often than not, however, it's because the person concerned doesn't want to get negative feedback or be shown that in fact, there's no market for their idea.
But well thought-out market research carried out before production and launch can avoid expensive mistakes, help the business fine-tune its offer or, in the worse-case scenario, accept that the idea is weak, allowing it to come up with another idea that stands a better chance of success without wasting a lot of valuable time and money.
The first step is to clearly define your market. Entrepreneurs often make the mistake of failing to distinguish between a global market and a smaller, more niche market. It doesn't matter whether you're dreaming of opening a cafe on the local high street or hope to sell goods or services online. Even if you think you have a potential market of millions of customers, how will you market your product or service? If you try to appeal to everyone, your offering will lack focus. That's not to say it can't be done, but appealing to as wide a market as possible requires facing stiff competition, will probably make excessive demands on your marketing budget, and ultimately may fail as you won't be able to appeal to individual tastes or requirements.
Next, research the competition. Remember: if there's a lot of competition, that at least indicates there's a market for your idea. What is the competition, and are you prepared to compete against them on price or quality of product or service? Why should customers decide to buy from you rather than them? Alternatively, perhaps you see a gap in the market, something that nobody else is offering. Researching the competition is crucial, whether it's serving a local, national or an international market. The next step is something that often gets ignored. You should be prepared to ask your potential customers what they think. Research like this provides invaluable feedback and is particularly do-able when you plan to sell online or have an online following. Start by looking at the most popular posts on your social media page or blog: what do they tell you about your visitors' interests? Links to a questionnaire can be used to dig down further to find out more about your visitors' needs.
You could create a free sample of your product and ask if visitors to your social media or blog page would be prepared to buy more. You can ask whether there's anything about the sample they'd like to see changed before they'd consider buying it. Ask them how much they'd be prepared to pay. The important thing is to ask the questions and listen to what your potential customers have to say. You might not like to hear that you have to go back to the drawing board or come up with a completely different idea, but these results will help you steer your business towards a successful launch rather than an expensive failure.