Such process of defining marketing problem and opportunity is known as Marketing Research.
Marketing Research refers to activities of evaluating & determining the feasibility of a firm's new product or service, through research conducted with targeted or potential customers.
- Marketing research helps the management because information derived from data helps to draw and facilitate research conclusion and decision making in a firm.
- However, marketing research must be systematic, objective and analytical so as to ensure drawing of valid conclusion for purpose of decisions making in a firm.
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