Market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

Question

Quizplus · Accepted Answer

Market research helps a firm to gather information about the target market, such as their preferences, behavior, and buying habits, which can be used to develop marketing strategies and products that meet their needs. This, in turn, can lead to higher profitability and success for the firm. Therefore, market research is a valuable tool for defining the firm's target market, its needs, and its potential profitability.

Market Research Is a Valuable Tool for Defining the Firm's