8. Marketing research helps the firm acquire a better understanding of the consumer?
(A) Their needs
(B) The competition
(C) The share of competitors
(D) All of the above
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Explanation:
a) Their needs
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Answer:
The answer is (D) all of the above.
Explanation:
Marketing research helps the firm acquire a better understanding of the consumer by :
- Their needs - The firm needs to clearly understand what the consumer needs. If they do not do their research then the firm will be at a loss as they would be trying to sell products that the consumer already has.
- Their competition - The firm needs to know who its competitors are in that field. If their competitors are selling the same services for cheaper or they are giving additional benefits then who would want to spend more money with no benifits in this company.
- The share of competitors - The firm needs to research how much influence its competitors have in the same market. For example, if we talk about the sugarcane industry. Let's say there are 2 firms, 1 is firm A and the other is firm B. If firm A has been in this market for longer then he would have more connections and it would be easier for him to transport and sell the sugarcanes. Now firm B is new in this market so he would have no connections and would struggle to sell and transport his sugarcanes.
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