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A firm may spend hundreds of thousands of dollars doing market research, but if it has not correctly identified the problem, those dollars are wasted. Objectives of a research must be laid down as precisely as possible. Objectives are set so that when achieved they provide the necessary information to solve the problem. A good way of setting research objectives is to ask, "What information is needed in order to solve the problem?" The objectives might be to explore the nature of a problem so you may further define it, or perhaps it is to determine how many people will buy your product packaged in a certain way and offered at a certain price...
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