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2nd Semester Marketing Research: Importance and Concepts

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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?

Pricing strategy Signup and view all the answers

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

To discover the target market and assess changes in consumer behavior Signup and view all the answers

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

Defining the problem adequately Signup and view all the answers

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

Developing the research plan Signup and view all the answers

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

Respondent bias and unwillingness to give answers Signup and view all the answers

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

Secondary Market Research Signup and view all the answers

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

Making the decision Signup and view all the answers