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What is market research?
What is market research?
- A random collection of information about a market
- A process of guessing information about a market
- A process of ignoring information about a market
- A systematic process of gathering, analyzing, and interpreting information about a market (correct)
Why is market research critical for businesses entering new international markets?
Why is market research critical for businesses entering new international markets?
- To ignore consumer preferences in different countries
- To avoid understanding consumer needs
- To understand the specific needs and desires of consumers in different countries (correct)
- To guess consumer preferences in different countries
What type of information does market research provide about a market?
What type of information does market research provide about a market?
- Information about the weather in the market
- General information about the economy
- Details about target audience demographics, preferences, behaviors, and competitors (correct)
- Information about political events in the market
How does market research contribute to business strategy in an international context?
How does market research contribute to business strategy in an international context?
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What is the significance of market research for businesses aiming to expand their existing presence in international markets?
What is the significance of market research for businesses aiming to expand their existing presence in international markets?
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