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Which of the following statements best explains why producers conduct market research?

  • Question 5b of 25 - Consumer influences

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following statements best explains why producers conduct market research?
  • Answers:
  1. Producers are strongly motivated to keep costs low so that their revenues are higher.
  2. Producers need to know what consumers want so they can sell more and make more profit.
  3. Producers are concerned about respecting the cultural values of a diverse group of consumers.
  4. Producers want to know what other producers are doing so they can copy efficient production methods.

The correct answer is: Producers need to know what consumers want so they can sell more and make more profit. Market research tells producers what consumers are going to buy and what they're willing to pay for it.

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