While Conducting Marketing Research,one Should Remember That

question 60

Multiple Choice

While conducting marketing research,one should remember that:

• A) no marketing research study includes all of the factors that could influence the success of a strategy.
• B) marketing research should be carried out such that it serves as substitute for decision-making.
• C) marketing research should provide highly accurate predictions of consumer behavior.
• D) because of its high degree of accuracy, it should be used to make final decisions.

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Definitions:

Demand (D)

In economic terms, the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Substitute

A good or service that can be used in place of another, allowing consumers to switch between them based on price, preference, or availability.

Equilibrium

A situation where the supply and demand in the market are equal, leading to stable prices.

Margarine

A spread used as a substitute for butter, made from vegetable oils or animal fats.