Question

an objective and systematic collection, recording, analysis and interpretation of data about existing or potential markets for a product / service is known as :-
a) market survey
b) market collection
c) market analysis
d) market interpretation

Answer 1

(a) market survey will be the right answer

Answer 2

The objective and systematic collection is a Market Survey.

• It gives a comprehensive perspective of the market.
• It is done by methodically gathering, logging, analysing, and interpreting data related to the current or projected market.
• It is an analysis of numerous client capacities, including investment characteristics and purchasing power.
• Further, It helps to -

1. Obtain valuable client feedback
2. Recognize the propensity of customers to buy things
3. Make educated judgments in business.
4. Improve current goods and services

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