When is conducting market research generally most effective?
A) When entering international markets
B) When sales begin to drop
C) When competitors release newer, competitive products.
D) When developing new products or altering existing products
E) When a new product is ready to be released
Answer: D
Explanation: D) Market research can occur at almost any point in a product's life cycle. However, typically it is used in developing new or altered products.
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Trina Productions is a price-taker
The company produces large spools of electrical wire in a highly competitive market; thus, it uses target pricing. The current market price of the electric wire is $800 per unit. The company has $3,100,000 in average assets, and the desired profit is a return of 6% on assets. Assume all products produced are sold. The company provides the following information: Sales volume 110,000 units per year Variable costs $690 per unit Fixed costs $13,000,000 per year If fixed costs cannot be reduced, how much reduction in variable costs will be needed to achieve the desired target? A) $186,000 B) $13,000,000 C) $1,086,000 D) $75,900,000
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________
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