Answered: Market research is a…

Market research is a __________forecasting method:a) Naïve approach b) Jury of executive opinionc) Qualitative d) Quantitativee) Moving average

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter10: Marketing Research

Section10.6: Classifying Data As Primary Or Secondary

Problem 1LO

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Concept explainers

Market Research Methodology

Market research refers to employing strategies, collecting data, and studying the target audience of a product by an organization. Businesses analyze customer data to figure out consumer trends, improve product design, improve user experience, develop customer-centric marketing campaigns, generate high-quality leads, and boost conversion rates. Phone surveys, test marketing strategies, and focus groups can be used for marketing research.

Question

Market research is a __________forecasting method:
a) Naïve approach b) Jury of executive opinion
c) Qualitative d) Quantitative
e) Moving average

Research activities performed to discover the the needs and preferences of consumers and potential consumers. It examines target markets, target audiences, consumer interests, customer feedback, market environment, competitors' positions, etc.. Market research also includes the techniques to develop, launch, and make successful products and services in the market .

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