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Conducting Market Research

1-Which is preferable and why:
a company that conducts its own marketing research or one that hires an outside company to conduct research for it.

2- What are some of the differences between business and consumer markets? Why do some customers prefer more of a transactional relationship with business marketers?

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1-Which is preferable and why:
a company that conducts its own marketing research or one that hires an outside company to conduct research for it.

Market research refers to the gathering and analyzing of information about the consumers, competitors and the effectiveness of recent marketing programs. Business owners use market research for the purpose of determining the feasibility of a new business. Sometimes they want to test consumers' interest in new products or services. At other times, they want to improve certain aspects of their business so that they can develop competitive strategies. Market research is a critical aspect in decision making that will make businesses more responsive to the needs of their customers which will also increase their profits because it gives accurate information that can be used for developing a good marketing plan (Ward).
Some companies hire a professional consultant or marketing agency to do market research for them. The advantages include achieving more meaningful, accurate and reliable results because professional researchers are more experienced and more objective ...

Solution Summary

Which is preferable: a company conducting own market research or hiring an outside company to do the research? References are included.

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