BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To identify scams
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To decrease sales
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To Identify consumer needs and wants
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To increase inflows
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Detailed explanation-1: -Market research involves gathering data to learn more about target demographics and consumers so a business can market itself more effectively and, ultimately, succeed in the market. Market research is a vital part of any business strategy, whether that business is B2B or B2C, big or small, new or old.
Detailed explanation-2: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.
Detailed explanation-3: -By identifying consumer desires a business can help these goods reach their target customer. Understanding the different types of needs customers have can help you develop more effective marketing campaigns.