MANAGEMENT

Detailed explanation-1: -Cost benefit analysis is a systematic process for calculating and comparing benefits and costs of a project. A cost benefit analysis finds, quantifies, and adds all the positive factors (the benefits). Then it identifies, quantifies, and subtracts all the negatives (the costs).

Detailed explanation-2: -Like the problem of having research being more costly than beneficial, if you do not have a marketing budget readily available for your team, then a new project might need to be held off. Starting a market research study when you cannot afford it will lead to either an uncompleted project or insufficient data.

Detailed explanation-3: -In general, you should plan to spend about $20, 000 to $50, 000 for a qualitative or quantitative custom market research project.

Detailed explanation-4: -Qualitative research isn’t so much about numbers as it is about people – and their opinions about your business. Typically conducted by asking questions either one-on-one or to groups of people, qualitative research can help you define problems and learn about customers’ opinions, values and beliefs.