It is important to establish consumers' needs before launching a new product. A business conducts market research to help identify gaps in the market and business opportunities.
Why do businesses use market research?
To identify customer needs
To sell goods and services
What is the first step for a new business?
To attract repeat purchases
To attract trial purchases
To attract advertising
What does desk research involve?
Gathering new data
Gathering existing data
What is information collected about opinions and views called?
How does accurate market research help a business?
By avoiding risk
By reducing risk
By eliminating risk
What does a market segment identify?
All the products in the market
Groups of people with similar buying habits
What can a market map be used to identify?
Gaps in the market
What is the name of an individual who is asked questions in a survey?
What are the total number of people selected to answer market research questions called?
Which of the following is an example of primary research?
A focus group