BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Time consuming
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Bias
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Helps discover customer needs.
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Potentially outdated
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Detailed explanation-1: -Limited scope : Marketing research solves many business-related problems. However, it cannot solve all business problems. It cannot solve problems related to consumer behavior, income and expenditure relationship, etc. Thus, its scope is limited.
Detailed explanation-2: -Time Consuming: It requires too much of time to reach the final conclusions. There may be a considerable time gap between the inception and completion of the research. ADVERTISEMENTS: There may be impatience among marketing executives about the conclusions of the research study.
Detailed explanation-3: -The market system is subject to limits that have to do with externalities, inequalities and excessive market concentration. These can only be taken care of by government action. But governments are also subject to limits in their capacity to act.