Choose all that apply: Which of the following would be considered an advantage of market research?

Question

Responses

May reduce the risk of new product development.
May reduce the risk of new product development.

Aids in forecasting.
Aids in forecasting.

Helps a company keep track of what is happening in its market.
Helps a company keep track of what is happening in its market.

Helps to solve problems in the marketplace.

Answer 1

All of the provided options are considered advantages of market research. Here’s a breakdown:

1. May reduce the risk of new product development. - Market research can provide insights into consumer preferences and market demand, which can help mitigate risks associated with launching new products.

2. Aids in forecasting. - Through analysis of market trends and consumer behavior, market research helps businesses make informed predictions about future sales and market conditions.

3. Helps a company keep track of what is happening in its market. - Market research allows companies to stay updated on competitors, market trends, and shifts in consumer needs and preferences.

4. Helps to solve problems in the marketplace. - By identifying issues and understanding consumer feedback, market research can provide solutions to problems businesses face in their operations or products.

Therefore, all options apply.