ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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List 3 ways in which market research can help a business
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To reduce the risk of failure by knowing whether customers are going to like a product or not
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To help lower market share
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To find new markets for products
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To help make decisions in a company like pricing
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Explanation:
Detailed explanation-1: -Improve your branding. Many companies don’t have a good handle on their brand. Understand your customers better. Measure the effectiveness of your marketing. Identify new opportunities. Get insights into product features.
Detailed explanation-2: -It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace. It can help you make wise product packaging and promotional decisions, as well as effective marketing messages.
Detailed explanation-3: -There are three types of market research-exploratory, descriptive, and causal.
There is 1 question to complete.