BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the buying patterns for a particular market
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the maximum number of market segments
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the limitations of a particular method of market research
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the growth potential for a business entering a particular industry
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Detailed explanation-1: -Market research, also known as “marketing research, ” is the process of determining the viability of a new service or product through research conducted directly with potential customers.
Detailed explanation-2: -A target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics such as age, income, and lifestyle.
Detailed explanation-3: -Market segment-A portion of a large market group of customers within a broader market who possess a common set of characteristics. A group of buyers within a market who have similar wants and needs.
Detailed explanation-4: -Experts say some good first steps in starting a business are researching competitors, assessing the legal aspects of your industry, considering your personal and business finances, getting realistic about the risk involved, understanding timing, and hiring help.