Marketing Research

question 21

Multiple Choice

Marketing research:

• A) is the use of information to identify and define marketing problems.
• B) aims to improve our understanding of management as a process.
• C) aims to promote government regulation of research activities.
• D) is only useful in companies with over $1 million in annual sales.
• E) is not very useful to a provider of services, such as banks.

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Definitions:

Market Demand

The total amount of a product or service that consumers in a market are willing and able to purchase at a given price level in a given time period.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the price they actually pay.

Consumer Surplus

The contrast between the fee consumers are inclined to pay for a good or service and the fee they ultimately pay.

Public Policy

Public policy is a system of laws, regulatory measures, courses of action, and funding priorities concerning given topics, enacted and enforced by governmental entities.