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What is the main purpose of market research?

Answer and explanation

Correct answer: Understanding customer needs and preferences

Market research systematically collects and analyses information about customers, competitors, demand, prices, and market conditions. This knowledge helps an entrepreneur design a suitable offering, choose a target group, and make better pricing and promotion decisions. Therefore option A is correct. Hiding products or setting prices without customer information defeats the purpose of research.

Related tags

Market-ResearchCustomer-NeedsEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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