Which of the following is NOT considered a benefit of market research?Connecting with your audience more effectively1Determining the usability of your product2Identifying opportunities for growth3Maintaining a customer-centric approach4ReportConfirm

Why is market research important?1 pointYour answer

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.

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

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.

- Describe the steps of the market research.- Describe one example of market research (primary research or secondary research) that, in your opinion, is more effective and discuss your choice.