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Which of the following statements best explains why producers conduct market reaserch?

Updated: 9/18/2023

Wiki User

∙ 12y ago

Best Answer

knowing what consumers want helps producers make more money. Good Luck!!

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∙ 12y ago

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Q: Which of the following statements best explains why producers conduct market reaserch?

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What are the advantages of carrying out marketing reaserch?

Here are the advantages of Marketing Research:Assists you in identifying and locating target audienceSuppose you are in plans for a coffee shop then, marketing research will allow you to identify whether the locality you are targeting has enough coffee lovers or not. It is based on your market research results you will be able to zero-in on a particular market area.Assists you in analyzing the size of the marketMarket research will assist you in finding out the size of your target market based on which you will be able to commensurate the resources. Therefore, wastage of resources will be avoided.Assists in understanding client requirementsThere are different categories of groups of customers that you will have to target in a market. Considering the same example of a coffee shop, you will have some consumer groups who are working and would prefer quick services and meanwhile, students or suburban consumers will prefer a much-relaxed environment/approach.Assist you in creating a business planAfter you have identified the target market, marketing research will assist you in creating a perfect promotional strategy best suited for your business. This would include things like branding, name inclusion in local directories, finding a perfect medium of communication, Social media optimization strategies, advertisements and many more.Hope this helps!

Related questions

What does REASERCH mean?

reaserch

What did Bella's research reveal about the myth of vampires?

That it is possible that they could exist now and her reaserch reveals all of the myths and explains that edward is a vampire

How can you reaserch about your ancesters?

go to ancestry.com

What do scientists do to help them collect data?

reaserch

How do you catch the kappa fish?

i did some reaserch and did not get any answer

Importance of reaserch to national development?

research reinforces the teaching strategies to acquire learning. It develops the skills for a desired performance to students.

The Indian people who most successfully adapted to the European incursion were the coastal tribes like the powhatans who first encounter English colonizers?

i have the same packet to do, and you should be doing the reaserch yourself. i have the same packet to do, and you should be doing the reaserch yourself. i have the same packet to do, and you should be doing the reaserch yourself.

He reaserch on the indigenous source of energy which is biogas?

Engr.Felix Maramba

Why do people reaserch?

People researched because to get the information they are looking for.

What decade did maglev reaserch begin?

Early 1970's

how much should i reaserch?

1 every 2 days

Did Edison make the first reaserch laboratory?

no Issac netwon did

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