MANAGEMENT

Detailed explanation-1: -Finding solutions to problems through carefully designed studies involving consumers is called marketing research. A target market is a group of consumers that have similar wants and needs. The money a customer must pay for a product or service. Effective marketing begins with a good product.

Detailed explanation-2: -Key Takeaways Companies use market research to test the viability of a new product or service by communicating directly with a potential customer. With market research, companies can figure out their target market and get opinions and feedback from consumers in real-time.

Detailed explanation-3: -What can the marketers of consumer products expect to find when they study and apply the product life cycle theory to their products? Changes in a product can change its life cycle. A brand of iced tea, called Gold Peak, has high marketing costs as well as high production costs.

Detailed explanation-4: -Direct marketing consists of any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party such as mass media.