MANAGEMENT

Detailed explanation-1: -With respect to the marketing planning function, marketing research helps to identify potential threats and opportunities, generates alternative courses of action, provides information to enable marketing managers to evaluate those alternatives and advises on the implementation of the alternatives.

Detailed explanation-2: -Market segmentation is the process of dividing a broad population into subgroups according to certain shared factors. These groups may have common demographics (age, gender, etc.), geographic location, attitudes, behaviors, or a combination of similar characteristics. A consumer may belong to multiple market segments.

Detailed explanation-3: -Customer segmentation is the process of dividing customers into groups based on common characteristics so companies can market to each group effectively and appropriately.

Detailed explanation-4: -Key Takeaways Companies use market research to test the viability of a new product or service by communicating directly with a potential customer. With market research, companies can figure out their target market and get opinions and feedback from consumers in real-time.