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1
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Market Research
Answer  is the collection and analysis of information about
consumers, competitors, and the effectiveness of marketing programs.

Question 2
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Web-savvy
Answer  businesses use their online presence to conduct market research by
encouraging customer feedback on business websites and social media. 

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While market research is crucial for a business startup, it’s also useful for established
businesses to increase profits.

Select one:
True 
False

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This involves watching or video recording customers in a natural setting to see how they
respond to displays of products or services. 
Direct observation
Answer: 

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Direct customer feedback
Answer  can be used to make changes to the product or
determine optimal pricing.

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Match the following how do businesses use Market Research.
Monitor the competition  Answer 1 hecking competitors ads, w ebsites, social media campaigns, etc. to see how they attempt to capture some of your market share.
 
Determine optimal product placement  Answer 2 w hen, w here, and how a product or service will be distributed.
 
Determine the feasibility of a new
business Answer 3 Market research is an essential component of a business plan for startup businesses - if market research does not indicate a demand for the product or service, the proposed business w ill not likely be viable.
 

Test interest Answer 4 new products or services to respond to customer needs.

 
Develop competitive strategies  Answer 5 for example, setting competitive pricing for products or services or determining how your products/services and customer service compare to the competition.
 
Develop optimal strategies for promotion Answer 6 how to get the message out to the target market via branding, traditional advertising and/or social media, etc.
 
Improve aspects of their businesses Answer 7 customer service
 
Monitor industry and economic trends Answer 8 develop strategies to adapt the business to the changing environment.
 
Find and develop Answer 9 new markets or expand existing ones.
 
Feedback
Your answer is correct.

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These are conducted in various ways, including online, one-on-one interviews, “Satisfaction
Surveys,” and phone calls.
Customer surveys
Answer: