BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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List 3 ways in which market research can help a business
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To reduce the risk of failure by knowing whether customers are going to like a product or not
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To help lower market share
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To find new markets for products
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To help make decisions in a company like pricing
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Explanation:
Detailed explanation-1: -For many businesses, market research is a key component in developing marketing strategy by providing a fact-based foundation for estimating sales and profitability. In fact, it can make the difference between making wise decisions that drive business forward and poor decisions that can damage your business.
Detailed explanation-2: -There are three types of market research-exploratory, descriptive, and causal.
Detailed explanation-3: -There are lots of different ways you could conduct market research and collect customer data, but you don’t have to limit yourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
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