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Why is market research done?

Answer and explanation

Correct answer: To understand customers and competition

Market research systematically collects and analyses information about target customers, their needs, buying behaviour, competitors, prices, and market conditions. This evidence supports decisions about product design, pricing, promotion, and distribution and reduces avoidable uncertainty. It is not intended to hide expenses or sell without knowledge.

Related tags

Market-ResearchCustomersCompetitionEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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