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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market4 Marks
Question
What role is played by 'Marketing Research'?
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Answer

  1. Information about customers: Manufacturers, retailers, etc. of all kinds of services need certain kinds of information in order to be able to satisfy their customer’s wants and needs.
  2. Designing Marketing programs: In order to design effective marketing programs, research is essential.
  3. Decisions: In dealing with recurring decisions of any enterprise information through such research is vital.
  4. Choosing Marketing program: For satisfying the diversity in consumer’s characteristics, a firm wish to determine the most appropriate market, product or information so as to choose a combination of marketing programmes which could satisfy the customers.
  5. Helpful in Feasibility study: Before preparing a business plan, the entrepreneur has to do a quick feasibility study of the business concept to find the possible barriers to success.

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