Question

Question 24 of 32

The XYZ Company may eliminate one of its product lines that isn't selling very
well. The company decides to hire a firm to do market research. Why is the
XYZ Company willing to invest in this type of research?
A. To determine whether to be a producer of goods or services
B. To understand what people want
C. To raise prices on its goods
D. To raise prices on services

Answer 1

The correct answer is B. To understand what people want.

Step-by-step explanation

A market study is a tool to collect information about the public's preference for a product. In addition, with this tool, you can analyze where you are concerning your competitors. Generally, this tool is intended to improve your business strategies thereby increasing your competitiveness. Therefore, a market study is a great option for the XYZ company, because it can replace its products that do not sell very well with others that are demanded by the public. So the correct answer is B. To understand what people want.