BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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is used toobtain information for management to make more informed decision making.
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is thecollection and analysis of data from a sample or census of individuals ororganizations.
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includes allforms of market, opinion and social research such as consumer and industrialsurveys.
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is workundertaken to determine either structural characteristics of the industry ofconcern.
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Detailed explanation-1: -Marketing research is the process of gathering, analyzing, and reporting information relevant to a specific marketing situation. It can be used to help businesses determine what products or services to offer, how much to charge for them, and where to sell them.
Detailed explanation-2: -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.
Detailed explanation-3: -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-4: -It aims to obtain objective and accurate data which can then be used as a reference in making decisions. The existing process includes data collection, observation, and processing of existing data on the object of research in the world of marketing.
Detailed explanation-5: -They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control. Marketing research helps the marketing manager link the marketing variables with the environment and the customer groups.