ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gathering of research to help businesses understand customers needs and wants.
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Research that is collected first hand.
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Understanding customers and developing products that meet their needs.
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Research that already exists and was created by another organisation.
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Detailed explanation-1: -Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.
Detailed explanation-2: -Customer needs research typically employs qualitative and/or quantitative research to classify and rank the needs, wants, and expectations of target customers and/or consumers during key interactions (touchpoints) along the customer journey.
Detailed explanation-3: -Marketing research is the process of collecting and analyzing data from consumers and competitors to help businesses explore who their target customer is and what they want from the brand. Good marketing research can also provide insight into how effective marketing efforts are, and explore potential areas for growth.
Detailed explanation-4: -Primary market research is a process where organizations or businesses get in touch with the end consumers or employ a third party to carry out relevant studies to collect data. The data collected can be qualitative data (non-numerical data) or quantitative data (numerical or statistical data).