ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Why is market research important?
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To identify scams
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To decrease sales
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To Identify consumer needs and wants
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To increase inflows
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Explanation:
Detailed explanation-1: -Conducting market research periodically can help you discover new opportunities to improve and grow. For example, you may discover: Unreached segments: You may come across unreached segments that, like your current customers, could benefit from your products or services.
Detailed explanation-2: -Why Is Consumer Behavior Important in Marketing? By understanding how buyers think, feel and decide, businesses can determine how best to market their products and services. This helps marketers predict how their customers will act, which aids in marketing existing products and services.
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