The Ultimate Market Research Quiz
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Questions and Answers

What is the role of market research in developing marketing strategy?

  • It helps in determining market viability and reducing risk of failure.
  • It helps in understanding customers' needs and increasing profitability.
  • It plays a key role in conducting different types of experimentation.
  • It provides a fact-based foundation for estimating sales and profitability. (correct)

    • What are the types of market research mentioned in the text?

  • Component of Marketing Research
  • Validity and Reliability
  • Types of Experimental Design
  • Exploratory, Descriptive, and Casual Research (correct)

    • How does market research help in reducing risk of failure?

  • By providing a fact-based foundation for estimating sales and profitability.
  • By determining market viability. (correct)
  • By conducting different types of experimentation.
  • By understanding customers' needs.

    • What is the importance of understanding customers' needs in market research?

    <p>It helps in understanding customers' needs and increasing profitability.</p> Signup and view all the answers

    What is the role of market research in conducting different types of experimentation?

    <p>It plays a key role in conducting different types of experimentation.</p> Signup and view all the answers

    What is the role of market research in developing marketing strategy?

    <p>It provides a fact-based foundation for estimating sales and profitability.</p> Signup and view all the answers

    What is the importance of understanding customers' needs in market research?

    <p>It helps in reducing the risk of failure.</p> Signup and view all the answers

    What are the types of market research mentioned in the text?

    <p>Exploratory, Descriptive, and Casual Research</p> Signup and view all the answers

    How does market research help in reducing the risk of failure?

    <p>By understanding customers' needs and preferences.</p> Signup and view all the answers

    What is the role of market research in conducting different types of experimentation?

    <p>Market research ensures the validity and reliability of the experiment.</p> Signup and view all the answers

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