BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The firm does market research after launching a product on the market
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The firm produces a good that it believes will be successful in the market
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The firm does market research before designing a new product
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The firm produces a high quality product that has always been successful in the market
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Detailed explanation-1: -Answer: What Is Market Orientation? Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products and services that satisfy them.
Detailed explanation-2: -Market research is the process of gathering and analyzing information about a market, product, or service in order to gain insight into customers, competitors, and the market itself.
Detailed explanation-3: -Market research for new product development is all about identifying opportunities and finding out if it’s worth bringing your product idea to life. And if so, how to do that in the best way. It’s about more than what the competition is doing, and if your target audience would be willing to spend money on you.
Detailed explanation-4: -Primary research is research you conduct yourself (or hire someone to do for you.) It involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and gather information.