ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Finding solutions to problems through carefullydesigned studies involving consumers
|
|
|
Finding problems and not coming up with a solution
|
|
|
The marketing mix
|
|
|
Product, Place, Promotion, Price
|
Detailed explanation-1: -Q. Finding solutions to problems through carefully designed studies involving consumers is called marketing research. Product packaging is the least important part of product planning because consumers simply throw away the packaging before using the product.
Detailed explanation-2: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
Detailed explanation-3: -Market research is a systematic process of obtaining, analysing, and interpreting data for actionable decision-making. Conducting good market research is the only way to survive in a competitive market. It provides companies with an overview of emerging market trends, consumer behaviour, and market condition.