BUISENESS MANAGEMENT
MARKETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
When a business prices their products lower than competition.
|
|
|
When a business asks someone to research a possible location to open a shop.
|
|
|
When a business looks to find out the needs and wants of its customers.
|
|
|
When someone researches the local Farmer’s Market opening times.
|
Detailed explanation-1: -Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service. This type of research can be conducted in-house, by the company itself, or by a third-party company that specializes in market research.
Detailed explanation-2: -Market research blends consumer behavior and economic trends to confirm and improve your business idea. It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.
Detailed explanation-3: -Customer needs research typically employs qualitative and/or quantitative research to classify and rank the needs, wants, and expectations of target customers and/or consumers during key interactions (touchpoints) along the customer journey.