In order to determine the right opportunities and identify the challenges that may be faced, marketers rely on marketing research to find the they need to make decisions.

The marketing research process is conducted in order for a company to make good decisions because itMultiple choice question.helps the buyer buyeliminates the need to change the productdetermines opportunities and challengesoutlines the 4 P's of marketing

What is the primary goal of market research? a) To increase product prices b) To persuade consumers to buy a product c) To gather and analyze information to make informed business decisions d) To create brand loyalty

The first marketing research priority for a new business is to determine:Group of answer choicesadvertising effectiveness.consumer lifestyle and trends.customer buying behaviour.market potential.

What are the three roles of marketing research?*2 pointsdescriptive, diagnostic and predictivelong-term research, short-term research and overall researchdiagnostic, predictive and investigativesurveys, focus groups and in-person interviewsdescriptive, investigative and surveys

Market research is an integral part of starting a business and this helps start-up businesses to maximize potential profits. Which of the following statements best describes the characteristics of market research? Pick two answers.*2 pointsMarket research is a profit-making activity which allows for the entrepreneurs to outsource the best technological materials needed for the enterprise.Market research is an information gathering exercise to determine the viability of a product an entrepreneur intends to offer in the market.Market research is an advertising technique which requires attention to detail and accuracy to capture the target market demographics.Market research is the process of gathering information which makes the company more aware of how the people the company hopes to sell to.Market research measures the potential of the product through endorsement and networking of individuals.