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2nd Semester Marketing Research: Importance and Concepts
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2nd Semester Marketing Research: Importance and Concepts

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@SociableFairy

Questions and Answers

What is the primary goal of conducting marketing research?

  • To increase production efficiency
  • To eliminate competitors
  • To determine the viability of a new product or service (correct)
  • To reduce consumer choice

    • Which of the following best describes market research?

  • The analysis of internal company financial records
  • Interviewing current employees about their job satisfaction
  • Collection of data on competitors' products only
  • Systematic collection, analysis, and interpretation of data regarding marketing conditions (correct)

    • How can market research help companies in tailoring their marketing activities?

  • By identifying the target market and consumer preferences (correct)
  • By outsourcing the entire marketing process
  • By analyzing employee turnover rates
  • By solely focusing on reducing production costs

    • Which element of the marketing mix is influenced by information obtained from market research?

    <p>Pricing strategy</p> Signup and view all the answers

    What is the key reason for organizations to carry out marketing research according to the text?

    <p>To discover the target market and assess changes in consumer behavior</p> Signup and view all the answers

    What is the foremost decision that every firm must undertake before conducting research?

    <p>Defining the problem adequately</p> Signup and view all the answers

    Which step of marketing research involves gathering information relevant to the research objective?

    <p>Developing the research plan</p> Signup and view all the answers

    What is one of the challenges in the 'Collect information' step of marketing research?

    <p>Respondent bias and unwillingness to give answers</p> Signup and view all the answers

    Which type of market research uses information organized by outside sources like government agencies and media?

    <p>Secondary Market Research</p> Signup and view all the answers

    What is the final step of marketing research that involves top management making decisions based on research findings?

    <p>Making the decision</p> Signup and view all the answers

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