Skip to content
MarkSchemeMarkScheme
Sign up — no card

7115 · 3.2

Market research

7115 O-Level — why businesses conduct market research and how findings support marketing decisions.

Need to know

What you need to know

  • Replaces intuition with evidence-based decision-making.
  • Reduces financial risk by preventing investment in non-viable products or strategies.
  • Minimises reputational risk by aligning business activities with consumer expectations.
  • Identifies potential problems before significant resources are committed.

Explanation

Market research

  1. Replaces intuition with evidence-based decision-making.
  2. Reduces financial risk by preventing investment in non-viable products or strategies.
  3. Minimises reputational risk by aligning business activities with consumer expectations.
  4. Identifies potential problems before significant resources are committed.
Mark this topic ->Open full visual lesson