BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To advertise for a new sales manager
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To aid decision-making about their product
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To help track stock levels
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To inform staff of changes to their product
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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 helps you understand your customers better. Researching the places that use similar services and products will also give you a good idea of where you may expand in the future, or the best demographics to target with advertising.
Detailed explanation-3: -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.
Detailed explanation-4: -Businesses can gather data on such topics as product design, branding, advertising concepts, sales channels and customer service. In short, the insights gathered through market research can shape your business plan or help you to measure the success of your current activities and adjust.