To understand what’s working and what isn’t and to find the ideal customers for a product or service are the two reasons that businesses _____.
(1 point)
Responses
collect data
collect data
advertise
advertise
use social media
use social media
invest in stocks
collect data
The correct answer is "collect data."
To understand what's working and what isn't, businesses need to gather information on various aspects of their operations. This includes data on sales, customer feedback, market trends, and more. By collecting and analyzing this data, businesses can gain insights into their performance and make informed decisions to improve their products, services, and overall strategy.
Similarly, businesses collect data to find the ideal customers for their products or services. By studying customer demographics, preferences, behaviors, and buying patterns, businesses can identify their target market and tailor their marketing efforts to reach and engage with those potential customers effectively.
Overall, collecting data is crucial for businesses to evaluate their performance, make informed decisions, and effectively target their ideal customers.