When determining what customers want from a business, which of the following options comes first: market research, business expansion and growth strategies, or new product/service offerings and evolution of existing business models.
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When determining what customers want from a business, which of the following options comes first: market research, business expansion and growth strategies, or new product/service offerings and evolution of existing business models.
The answer is new product/service offerings. This is the order of their respective appearance in producing an actual business, not just a good idea for one.
Market research comes after identifying what customers want. A company then has to define its goals and strategies based on this knowledge before it can determine how many resources are needed to fulfill them. The business would also have to choose which markets they want to serve and where their products or services are most likely to succeed. Finally, market research is conducted by studying these factors so that the company can understand what will allow them to do more business in the future rather than just trying different things until something sticks.