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“Although market research can be costly, it is often even more costly to make erroneous decisions based upon bad or inadequate information” (Hillstrom & Hillstrom, 2002, p.716). However, the results followed this research may create new opportunities or may lead to failure.
The focus point in a marketing research is gathering information about what consumers need and want and how to satisfy these demands. There is a difference between needs and wants, but a good business marketing strategy would be when consumers are satisfied in both aspects. The needs appear when the people are willing to buy food, clothes, place to live...
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