Gathering information about demand and competition?

• A. Market Analysis
• B. Feasibility Study
• C. Market Research
• D. Competitive Intelligence

Answer: (C)

The main idea being tested is market research. Market research systematically gathers data on how much demand there is for a product or service, what customers want, how they behave, and who else is serving the market. It also looks at the competitive landscape to understand rivals’ offerings, pricing, and positioning. This combination helps you estimate market size, forecast demand, and identify opportunities or threats, guiding decisions on product features, pricing, and marketing strategy. Data sources are both primary (surveys, interviews, focus groups) and secondary (industry reports, government statistics).

A broader market analysis focuses on market size, growth, and trends, which is wider than just demand and competition. A feasibility study assesses whether launching the project is viable from technical, legal, and financial standpoints. Competitive intelligence digs specifically into competitors’ strategies and actions. Market research uniquely covers both demand and the competitive context in one cohesive picture.