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Market research can be used to help address which of the following business questions? should a current product or service be altered or eliminated? Should the organization expand to new markets? What should be the creative focus of a new advertising campaign? What product or service should be developed next? All of these

Ask by Logan Davies. in the United States
Jan 24,2025

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All of these

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**Answer:** All of these. **Explanation:** Market research is a versatile tool that can inform a wide range of business decisions. Here's how it applies to each of the listed questions: 1. **Should a current product or service be altered or eliminated?** - **Market research** can provide insights into customer satisfaction, usage patterns, and preferences, helping businesses decide whether to modify, discontinue, or continue a product or service. 2. **Should the organization expand to new markets?** - By analyzing market trends, competitor performance, and consumer behavior in potential new regions or demographics, market research helps assess the viability and potential success of expansion efforts. 3. **What should be the creative focus of a new advertising campaign?** - Understanding the target audience's preferences, attitudes, and media consumption habits through market research can guide the development of effective and resonant advertising strategies. 4. **What product or service should be developed next?** - Identifying gaps in the market, emerging trends, and unmet customer needs through market research can inform the development of new products or services that align with consumer demand. Given that market research provides valuable data and insights applicable to all these areas, the correct choice is: **All of these**

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Market research plays a pivotal role in informing strategic business decisions, and it's particularly effective for evaluating whether to adjust or discontinue a product. By gathering insights from customers, businesses can determine if they meet customer needs or if there's a demand for changes, ensuring they're not pouring resources into something that no longer resonates. Additionally, when considering expansion into new markets, market research offers invaluable data about potential customer demographics, competitor analysis, and regional preferences. This information helps businesses assess viability, reduce risks, and increase their chances of success when entering uncharted territories.

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