LESSON 2 CONSUMER RESEARCH (ROLES/FUNCTIONS:)

Question 1

Allows businesses to tailor their products and services to meet these demands.

Answer 1

Identifying Consumer Needs and Wants

Question 2

Analysis of trends and patterns can make businesses anticipate how consumers might behave in the future to help them stay ahead of competition.

Answer 2

Predicting Consumer Behavior

Question 3

Identify new market opportunities revealing unmet needs or underserved segments.

Answer 3

Assessing Market Opportunities

Question 4

Guide the development of more effective marketing strategies (e.g. product positioning, pricing, promotional tactics).

Answer 4

Improving Marketing Strategies

Question 5

Understanding consumer preferences and pain points can improve a company’s products and services for higher customer satisfaction and loyalty

Answer 5

Enhancing Customer Satisfaction