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What Are the Five Basic Steps in the Marketing Research

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What are the five basic steps in the marketing research process?


Definitions:

Total Product

The total output or production by a firm using a given amount of inputs.

Quality Tools

Instruments and techniques used to understand, control, and improve the quality of processes and products.

Marginal Product

The additional output that is produced by employing one more unit of a particular resource.

Average Product

The output produced per unit of input, calculated by dividing total production by the total number of inputs.

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