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Questions and Answers
Which of the following best describes market research?
Which of the following best describes market research?
- The understanding of customer needs and wants
- The collection of data on competitors
- The process of designing a marketing mix
- The analysis of data related to a business's target market (correct)
What is the main purpose of market research?
What is the main purpose of market research?
- To gain an understanding of customer needs and wants (correct)
- To design an effective marketing mix
- To differentiate your offerings
- To determine who your competitors are
Why is it important to understand your competition in market research?
Why is it important to understand your competition in market research?
- To determine and differentiate your offerings (correct)
- To provide samples of their products
- To analyze their marketing mix
- To steal ideas from them
What is an example of a failed market research strategy?
What is an example of a failed market research strategy?
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What does primary research entail in market research?
What does primary research entail in market research?
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