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What is the significance of market research in understanding the business enviro

Practice Questions

Q1
What is the significance of market research in understanding the business environment?
  1. It is only useful for large companies
  2. It helps in identifying customer needs and preferences
  3. It is a waste of resources
  4. It only focuses on financial data

Questions & Step-by-Step Solutions

What is the significance of market research in understanding the business environment?
  • Step 1: Understand what market research is. It is the process of gathering information about customers and the market.
  • Step 2: Recognize that market research helps businesses learn about customer needs and preferences.
  • Step 3: Realize that knowing customer needs allows businesses to create products or services that people want.
  • Step 4: Acknowledge that market research also helps businesses understand their competition and market trends.
  • Step 5: Conclude that by using market research, businesses can adapt to changes in the environment and make better decisions.
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