Collecting and analyzing information in order to make decisions about a product/service.

Collecting and analyzing information in order to make decisions about a product/service.

• A. Promotion
• B. Market Research
• C. Agent
• D. Retailer

Answer: (B)

Market research is the process of collecting and analyzing information about markets, customers, and competitors to inform decisions about a product or service. It helps you understand what customers want, how they buy, where they shop, and how much they’re willing to pay, so you can shape features, pricing, distribution, and promotions with confidence. Data can come from primary sources like surveys and interviews or from secondary sources like industry reports, and you’ll blend qualitative insights with quantitative numbers to spot trends and test ideas before committing resources. Promotion is about communicating the product’s value to customers. An agent is a representative who handles sales or negotiations for a company. A retailer is a business that sells products directly to consumers. These roles and activities don’t center on gathering and interpreting information to guide decisions in the way market research does.

Market research is the process of collecting and analyzing information about markets, customers, and competitors to inform decisions about a product or service. It helps you understand what customers want, how they buy, where they shop, and how much they’re willing to pay, so you can shape features, pricing, distribution, and promotions with confidence. Data can come from primary sources like surveys and interviews or from secondary sources like industry reports, and you’ll blend qualitative insights with quantitative numbers to spot trends and test ideas before committing resources.

Promotion is about communicating the product’s value to customers. An agent is a representative who handles sales or negotiations for a company. A retailer is a business that sells products directly to consumers. These roles and activities don’t center on gathering and interpreting information to guide decisions in the way market research does.