Title: Explain the purpose of market research.
Course: Principles of Business and Marketing (12051-18) > Section: Exploring the Core Concepts of Business and Marketing

Explanation should include

- identification of methods for data collection
- analysis of information to direct business decisions
- application of analysis
- effects of research on return on investment (ROI).

Process/Skill Questions:

- What are some examples of data collection used by companies today?
- How is market research used to improve products or services?
- What are the pros and cons for different methods of data collection?
- Why is customer privacy important in market research?
- How do companies use marketing research to remain competitive in a global environment?
- How does marketing research impact each of the marketing functions?