Once a Market Researcher Has Defined the Problem, Developed the Research

question 250

Multiple Choice

Once a market researcher has defined the problem, developed the research plan, and collected the relevant information, what is the next step in the five-step marketing research approach?

• A) Set budgets.
• B) Determine target market.
• C) Take marketing actions.
• D) Develop findings.
• E) Determine if there is a planning gap between desired findings and actual findings.

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Definitions:

Probability

The likelihood or chance of an event occurring.

Expected Utility

A theory in economics that explains how people make decisions under uncertainty, based on the anticipated satisfaction or utility from outcomes.

Risk-averse

A description of an individual or entity that prefers to avoid risk, often opting for the less risky of available options.

Probability

A measure of the likelihood or chance that a particular event will occur, expressed as a number between 0 and 1.