The First Step in the Marketing Research Decision-Making Process Is

question 37

Multiple Choice

The first step in the marketing research decision-making process is

• A) developing a hypothesis
• B) collecting relevant data
• C) outlining a process that can be used to collect the necessary information
• D) recognizing a unique marketing problem or opportunity

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Definitions:

Supply Curve

A visual depiction that showcases the connection between the cost of a product and the amount available for sale.

Demand Curve

A graph showing the quantity of a good that consumers are willing and able to purchase at various prices.

Imposed Price

A price that is set by an external authority rather than by market forces of supply and demand.

Consumer-friendly

Describes goods, services, or policies that are designed with the welfare or satisfaction of consumers in mind.