Market research is the first step of any marketing plan and the number one way in which businesses learn about the _____ of their customers? (1 point) Responses income and criminal record income and criminal record hopes and dreams hopes and dreams habits and hobbies habits and hobbies needs and wants
needs and wants
The answer is needs and wants. Market research helps businesses understand the needs and wants of their customers by collecting data on their preferences, purchasing behavior, and attitudes. This information helps businesses tailor their products, services, and marketing strategies to meet the specific needs and wants of their target market.
The correct answer to complete the sentence is "needs and wants." Market research is the process of gathering and analyzing information about the target market or customer base. It helps businesses understand the needs and wants of their customers so they can develop effective marketing strategies and tailor their offerings to meet customer expectations.
To answer the question correctly, you can eliminate the incorrect options by considering the purpose of market research. Income and criminal record are not typically factors a business would focus on during market research. While understanding customer demographics, such as income levels, can be useful, it is not the primary focus of market research. Similarly, hopes and dreams are more personal and individualized aspects of a person's life that may not be directly related to marketing. Therefore, habits and hobbies are also not the main focus of market research.
On the other hand, needs and wants are essential for businesses to identify and address. By understanding what customers need and want, businesses can develop products, services, and marketing campaigns that are more likely to resonate with and attract their target audience.
In summary, market research is primarily used to learn about the needs and wants of customers, allowing businesses to better cater to their target market and develop successful marketing plans.