Home › BBA Marketing › Marketing › Creating Products and Pricing Strategies › Marketing research is the process of doing what?
Marketing research is the process of doing what?
ATesting a finished product with a panel of engineers
BAdvertising a new product to a small test audience
CPlanning, collecting and analyzing decision data
DSetting the price at which a new product will sell
Answer & Solution
Correct answer: C. Planning, collecting and analyzing decision data
1. Marketing research plans, collects and analyzes data relevant to a marketing decision.
2. The results of that analysis are then communicated to management.
3. The data covers customer preferences, perceived benefits of products and consumer lifestyles.
4. Research helps firms make better use of their marketing budgets.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.5 Market Segmentation_
Related questions
Big data and analytics are used to provide consumers with which two things?Big data refers to which of the following?Database marketing is sometimes given which other name?What does the information in a marketing database help managers do?One-to-one marketing means creating what?What are shopbots?How does online technology help sellers rather than buyers?What effect has the internet had on pricing power?