Many People Have a Hard Time with Identifying the Problem

question 45

Multiple Choice

Many people have a hard time with identifying the problem, the first step of the marketing research process, because they ______.

• A) are novices
• B) are too experienced to follow the correct procedures
• C) confuse problems with symptoms
• D) draw conclusions too quickly

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Definitions:

SWOT Analysis

A strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats of an organization or project.

Opportunity Costs

The lost potential gain from other options when one option is chosen.

Nonmonetary Costs

Costs not easily quantified in monetary terms, including time, effort, and emotional investment made by consumers in association with a purchase.

Marketers

Professionals or organizations that engage in activities designed to identify, anticipate, and satisfy customer needs profitably.