BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The researcher did not understand her needs that aimed to solve the company’s situation
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The researcher assumed that she wanted to know about the consumer’s loyalty
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The problem was hard to understand
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All the above
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Detailed explanation-1: -Hard to get both the numbers and stories needed to inform internal decision making. Slow internal approval process for vendors. Unrealistic timelines. Changes in scope after starting a project.
Detailed explanation-2: -Market research can help new businesses identify and analyze the players within their industry before they even enter the game, giving them a distinct advantage. Understanding what other companies do well, as well as what they don’t, helps startups create proactive strategies rather than reactive ones.
Detailed explanation-3: -As opposed to the traditional market research process, the backward research method begins with a manager and the researcher spending an important amount of time talking about the manager will utilise the research findings and in determining what the closing report will look like.
Detailed explanation-4: -1. Determine how the research results will be implemented (which helps to define the problem). 2. To ensure the implementation of the results, determine what the final report should contain and how it should look.