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Questions and Answers
What is the purpose of market research?
What is the purpose of market research?
- To respond to changing markets
- To maintain customer loyalty
- To anticipate changes in customer needs
- To identify and satisfy customer needs (correct)
What is the purpose of market research?
What is the purpose of market research?
- To respond to changing markets
- To maintain customer loyalty
- To identify and satisfy customer needs (correct)
- To anticipate changes in customer needs
What are some factors that can cause markets to change?
What are some factors that can cause markets to change?
- The weather, politics, and sports
- Food, fashion, and art
- Music, movies, and TV shows
- Trends, technology, and aging populations (correct)
What are some factors that can cause markets to change?
What are some factors that can cause markets to change?
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Why is it important for businesses to adapt to changing markets?
Why is it important for businesses to adapt to changing markets?
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How can businesses stay competitive in changing markets?
How can businesses stay competitive in changing markets?
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Study Notes
- Marketing involves identifying and satisfying customer needs.
- Market research is used to inform product development, pricing, and sales techniques.
- Anticipating changes in customer needs is important.
- Maintaining customer loyalty is crucial for a successful business.
- Gaining information about customers and understanding their needs is necessary.
- Markets change due to trends, technology, unemployment/wages, and aging populations.
- Businesses must respond to changing customer needs to stay successful.
- Globalization, transportation, and the internet have made markets more competitive.
- To stay competitive, businesses must adapt to changing markets.
- A good marketing department can help a business identify and respond to customer needs.
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