ENTREPRENEURSHIP

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ENTREPRENEURIAL OPPORTUNITIES

MARKET RESEARCH

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A company marketing team identifies a small group of consumers who fit the profile of the typical customer. The team observes, gathers survey information from, or hangs out with these typical customers, to gain insight into how the customers make product choices in order to design a future, more rigorous study. The data collection method used in this example is
A
observational research.
B
focus group research.
C
case study research.
D
exploratory research.
Explanation: 

Detailed explanation-1: -Market research allows companies to understand the demand and viability of their product and to see how it might perform in the real world. Market research is conducted either through primary information or secondary information, both providing unique insights into a company’s offering.

Detailed explanation-2: -The marketing research process is comprised of six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: field work or data collection, 5: data preparation and analysis and, 6: report preparation and presentation.

Detailed explanation-3: -Learn More in the Library’s Blogs Related to Market Research. Uses for Market Research. Identify opportunities to serve various groups of customers. Examine the size of the market – how many people have the unmet need. Determine the best methods to meet the unmet needs of the target markets. Investigate the competition. More items •29-Mar-2023

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