Consumer products firms such as Clorox, Procter & Gamble, and Colgate-Palmolive spend millions of dollars each year on marketing research to identify trends in consumer preferences and buying decisions. This activity is most helpful to a firm in the __________ stage of the decision-making process.

Question

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Identifying trends in consumer preferences and buying decisions helps firms in the identifying opportunities and diagnosing problems stage by providing insights into what consumers want and need, which can highlight new market opportunities or areas where the company may need to improve.

Consumer Products Firms Such as Clorox, Procter & Gamble, and Colgate-Palmolive