BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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finding data that supports your idea
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confirming research results with more than one source or method
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making sure data is relevant to the target market
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staying alert to biased sources
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Detailed explanation-1: -Market research, also known as “marketing research, ” is the process of determining the viability of a new service or product through research conducted directly with potential customers.
Detailed explanation-2: -First, identify your competitors. This can be simple if there are one or two other companies that do what you do. Sometimes, it’s more complex. Work with your company leaders to identify where else customers go for the product or service you offer.
Detailed explanation-3: -PEST analysis stands for political, economic, social, and technological. This type of analysis is used to gauge external factors that could impact the profitability of a company.
Detailed explanation-4: -The competitive analysis grid should identify your competitors and include an assessment of the key characteristics of the competitive landscape in your industry, including competitive strengths and weaknesses and key success factors.