MANAGEMENT

Detailed explanation-1: -Competitive intelligence refers to the ability to gather and use information on factors that affect a company’s competitive advantage. Organizations analyze collected data and information to develop effective and efficient business practices.

Detailed explanation-2: -There are three types of market research-exploratory, descriptive, and causal.

Detailed explanation-3: -Conducting surveys is the most common quantitative data-collection method. Unlike qualitative surveys, in which participants answer open-ended questions and can share as much detail as they’d like, close-ended surveys ask respondents to answer yes or no and/or multiple choice questions.

Detailed explanation-4: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Detailed explanation-5: -Marketing research serves marketing management by providing information which is relevant to decision making. Marketing research does not itself make the decisions, nor does it guarantee success. Rather, marketing research helps to reduce the uncertainty surrounding the decisions to be made.