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What is the significance of market research in understanding the business enviro
What is the significance of market research in understanding the business environment?
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Practice Questions
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What is the significance of market research in understanding the business environment?
It is only useful for large companies
It helps in identifying customer needs and preferences
It is a waste of resources
It only focuses on financial data
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Market research is crucial for identifying customer needs and preferences, which helps businesses adapt to the environment.
Questions & Step-by-step Solutions
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Q
Q: What is the significance of market research in understanding the business environment?
Solution:
Market research is crucial for identifying customer needs and preferences, which helps businesses adapt to the environment.
Steps: 5
Show Steps
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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