MANAGEMENT

Detailed explanation-1: -It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace. It can help you make wise product packaging and promotional decisions, as well as effective marketing messages.

Detailed explanation-2: -Market research helps you identify areas for possible business expansion. Given that it offers the opportunity to test markets to determine if there is room for a new product or service. You can also conduct market research to find the best location to open a new store.

Detailed explanation-3: -Some of the overarching goals that market research can help organizations accomplish, include: making important business decisions, securing investments and funding, determining new business opportunities, and even avoiding business failures.

Detailed explanation-4: -Market research and consumer insights research work together to help you understand the market and your consumers. Together, they help you maintain a competitive edge based in data, not guesswork or gut feeling.

Detailed explanation-5: -Which of the following is the most significant reason why marketing research is important to businesses: It contributes to business success. How could a business use marketing-research data it has gathered about the average age, income, educational level, and spending patterns of area consumers?