ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the decision problem will be strategy-oriented.
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managers will have the final say over results.
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a focus group will be conducted.
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the benefits outweigh the costs.
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Detailed explanation-1: -Market research involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and, ultimately, succeed in the market. Market research is a vital part of any business strategy, whether that business is B2B or B2C, big or small, new or old.
Detailed explanation-2: -With respect to the marketing planning function, marketing research helps to identify potential threats and opportunities, generates alternative courses of action, provides information to enable marketing managers to evaluate those alternatives and advises on the implementation of the alternatives.
Detailed explanation-3: -Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach.