ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The firm does market research after launching a product on the market
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The firm produces a good that it believes will be successful in the market
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The firm does market research before designing a new product
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The firm produces a high quality product that has always been successful in the market
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Detailed explanation-1: -Answer: What Is Market Orientation? Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them.
Detailed explanation-2: -Market research is the process of gathering and analyzing information about a market, product, or service in order to gain insight into customers, competitors, and the market itself.
Detailed explanation-3: -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.