The correct answer is "needs and wants." Market research is indeed the first step in any marketing plan, as it helps businesses understand their target audience and identify their customers' needs and wants. By conducting market research, businesses gain insights into the preferences, behaviors, and characteristics of their target market. This information is crucial for businesses to design effective marketing strategies and tailor their products or services according to the specific needs and wants of their customers. To learn about the needs and wants of their customers, businesses can employ various research methods such as surveys, focus groups, interviews, data analysis, and observation.
The correct answer is "needs and wants." Market research allows businesses to gather information about the needs and wants of their customers, which helps them understand what products or services to offer and how to effectively communicate with their target market.
