Question

Retailers use market research because:

a) They need information about the products out there.
Ob) It's used to provide retailers with information about potential manufacturers.
c) It helps identify what customers want.
d) All of the above

Answer 1

Market research is essential for retailers as it provides comprehensive information about product quality, potential manufacturers, and customer preferences, which is crucial for making informed business decisions and reaching market equilibrium.

Step-by-step explanation:

Retailers use market research for multiple reasons. Market research provides retailers with vital information on the following aspects:

• They gather data about existing products in the market, including information about price and quality, helping to ensure that buyers and sellers can make informed decisions and that the market can reach equilibrium.
• It provides insights into potential manufacturers, enabling retailers to find reliable sources of products that can meet customer demands and legal requirements.
• Most importantly, market research helps determine what customers want, which includes understanding customer preferences, trends, and behavior patterns. This information is critical for tailoring product offerings, marketing strategies, and enhancing customer experiences.

Therefore, the correct answer to the question is 'd) All of the above' because market research serves all these functions for retailers.