BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business’s ability to predict what its competitors are planning
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The action or activity of gathering information about consumers’ needs and preferences
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The development of new methods of communication so as to connect further with customers
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An academic process which analyses the changing trends in society
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Detailed explanation-1: -Market Research is defined as the action or activity of gathering information about consumers’ needs and preferences. There are various different types of market research according to the channels used to collect the information.
Detailed explanation-2: -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-3: -Competitive analysis Competitive analysis is a secondary market research method where a company collects and analyzes information about competitors in their market. It involves identifying all the primary and secondary rivals to your business and determining their offerings, profits, marketing strategies and more.
Detailed explanation-4: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.