The First Step in the Research Process Is to Determine

question 4

Multiple Choice

The first step in the research process is to determine

• A) information about the changing elements of the market.
• B) the marketing strategy.
• C) the research and development and production systems.
• D) explicitly why research is needed and what it is to accomplish.

Predict market outcomes based on technological improvements or changes in production costs.

Identify the effects of entry or exit of suppliers and changes in substitute goods on market equilibrium.

Evaluate the impact of changes in the number of buyers in the market.

Understand the distinction between movements along the demand or supply curve versus shifts in the curves.

---

Definitions:

Business Purpose

Business purpose is the fundamental reason for an organization's existence, beyond just making a profit, often reflecting its values, mission, and the needs it seeks to fulfill.

Discretionary Responsibility

The expectation for businesses or individuals to take actions that are not mandated by laws or regulations, but are considered ethically correct.

Ethical Responsibility

The duty to conduct oneself and make decisions according to a code of moral principles and values.