________ Involve(s) Gathering Data by Directly Observing Consumer Behaviours

question 62

Multiple Choice

________ involve(s) gathering data by directly observing consumer behaviours.

• A) Survey research
• B) Focus group research
• C) Interviews
• D) Observational research

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Definitions:

Conform To Consumer Demands

Adjusting product offerings, services, or business practices to meet the expectations and preferences of consumers.

Economically Efficient

A state where resources are allocated in a way that maximizes the net benefit to society, with no waste.

Total Costs

Represents the complete expenditures incurred by a firm or an individual in the production or purchase of goods and services.

Economic Profit

The profit a company makes after deducting both its explicit costs (like materials and wages) and its implicit costs (like opportunity costs), representing the additional amount earned over what could have been earned from the next-best alternative.