BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Helps a business understand customers and competitors
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It can be very time consuming
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It could be difficult to analyse
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Helps a business create targeted marketing
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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 generally involves two different types of research: primary and secondary.
Detailed explanation-3: -The Purpose of Market Research is to Verify Market Need To correctly position itself in any one industry, a company must understand who needs a product and why they need it.
Detailed explanation-4: -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.