The First Step of the Marketing Research Process-Defining the Problem-Is

question 127

Multiple Choice

The first step of the marketing research process-defining the problem-is the most important because:

• A) it comes first.
• B) it involves qualitative research.
• C) failure to correctly define the problem will cause all subsequent steps to be wasted effort.
• D) many problems go away once they are clearly defined.
• E) it's easy to confuse problems with symptoms at this stage.

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Definitions:

Economy's Rate of Growth

The steady increase in the gross domestic product (GDP) or gross national product (GNP) of an economy over time, indicating economic expansion.

Output per Worker

A measure of labor productivity calculated by dividing total output by the total number of workers.

Marginal Revenue Product

Marginal Revenue Product is the additional revenue generated from using one more unit of a resource or factor of production, holding other factors constant.

Competitive Firm

A company that operates in a market where there are many buyers and sellers, and it has little to no power to set prices for its products or services.