Podcast
Questions and Answers
Which of the following is NOT a purpose of market research?
Which of the following is NOT a purpose of market research?
- Minimizing the risk of business failure
- Understanding consumers' needs
- Giving a forecast of the trends
- Providing a solution to a specific marketing problem (correct)
What is the main focus of market research?
What is the main focus of market research?
- Identifying the prevailing economic conditions
- Collecting and analyzing relevant data (correct)
- Rescheduling at a later time when demand arises
- Designing systematic solutions to marketing problems
Which question does market research NOT aim to answer?
Which question does market research NOT aim to answer?
- What will be the market research? (correct)
- Who among the members of the identified market will be researched?
- When will be the right time to conduct the planned market research?
- Where will the market research be conducted?
What is one benefit of conducting market research?
What is one benefit of conducting market research?
When should market research be conducted?
When should market research be conducted?
Market research involves the systematic collection and analysis of relevant data.
Market research involves the systematic collection and analysis of relevant data.
Market research aims to provide a solution to a specific marketing problem.
Market research aims to provide a solution to a specific marketing problem.
Market research helps to forecast trends in consumer tastes.
Market research helps to forecast trends in consumer tastes.
Understanding consumer needs can minimize the risk of business failure.
Understanding consumer needs can minimize the risk of business failure.
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Study Notes
Market Research
- Market research involves the systematic collection and analysis of relevant data to provide a solution to a specific marketing problem.
Purpose of Market Research
- The main focus of market research is to understand consumer needs to minimize the risk of business failure.
- Market research helps to forecast trends in consumer tastes.
Benefits of Market Research
- One benefit of conducting market research is that it helps to minimize the risk of business failure by understanding consumer needs.
Timing of Market Research
- Market research should be conducted when trying to solve a specific marketing problem.
What Market Research Does Not Aim to Answer
- Market research does not aim to answer general knowledge questions, but rather focuses on solving a specific marketing problem.
Purpose of Market Research (What it is NOT)
- Market research is not conducted for general knowledge or to answer random questions, but rather to provide a solution to a specific marketing problem.
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