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.
Frequently asked questions
What is the correct answer to this question?
To understand customers and competition
Why is this the correct answer?
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.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
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