ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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determine customers’ attitudes/preferences
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test product features
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determine market size/growth potential
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all of the above
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Detailed explanation-1: -Market research involves gathering data about customer behaviours, trends and preferences. This data can be used to assess the performance of existing products or services as well as identifying any potential opportunities for growth or development.
Detailed explanation-2: -Traditionally, market research encompassed four major disciplines: primary, secondary, quantitative and qualitative. However, as technology and marketing have become sophisticated, we’ve divided many of these types of research and insights into individual processes that allow for more granular data collection.
Detailed explanation-3: -There are three types of market research-exploratory, descriptive, and causal.
Detailed explanation-4: -Making solid business decisions. Securing funding from investors. Determining new business opportunities. Avoiding business failures. 05-Feb-2015