Identify,in Order,and Briefly Explain Each Step of Conducting Market Research

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The Answer is 1.Defining purpose or objectives-The most effective way to begin is for the entrepreneur to sit down and make a list of the information that will be needed to prepare the marketing plan.For example,the entrepreneur may think there is a market for his or her product but not be sure who the customers will be or even whether the product is appropriate in its present form.Thus,one objective would be to ask people what they think of the product or service and whether they would buy it,and to collect some background demographics and attitudes of these individuals.Other objectives may be to determine the following:
-How much would potential customers be willing to pay for the product or service
-Where would potential customers prefer to purchase the product or service
-Where would the customer expect to hear about or learn about such a product or service

Identify,in Order,and Briefly Explain Each Step of Conducting Market Research

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Identify,in Order,and Briefly Explain Each Step of Conducting Market Research

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Correct Answer:
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