2nd Semester Marketing Research: Importance and Concepts

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10 Questions

What is the primary goal of conducting marketing research?

To determine the viability of a new product or service

Which of the following best describes market research?

Systematic collection, analysis, and interpretation of data regarding marketing conditions

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

By identifying the target market and consumer preferences

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

Pricing strategy

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

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

Defining the problem adequately

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

Developing the research plan

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

Respondent bias and unwillingness to give answers

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

Secondary Market Research

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

Making the decision

Learn about the importance of marketing research in understanding consumer buying behavior and market segmentation. Explore the process of conducting market research to determine the viability of new products or services.

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