Question

In this market research step, the data are compiled, studied, and interpreted:

Answer 1

In this market research step, the data are compiled, studied, and interpreted: to draw meaningful conclusions.

Step-by-step explanation:

Interpreting the data is a crucial step in market research. After the data has been compiled and recorded, it is carefully studied and interpreted to draw meaningful conclusions.

This involves analyzing the gathered information, identifying patterns or relationships, and making sense of the results. For example, a market researcher may interpret survey responses to understand consumer preferences or trends in a specific industry. This interpretation of data helps inform business decisions and strategies.

Answer 2

Data Preparation/Assembling Analysis

Step-by-step explanation:

In the data analysis step of Market Research, the data collected in the research are put together, arranged in an organized form, put through detailed review, properly verified by an valid process, interpreted and expounded

In the preparation and analysis step, the data is formatted by editing, coding, transcription and verification to enable accurate analysis of the collected information. Data validation process is put in place to ensure that the proper data that quantifies the desired metrics are obtained.

The process of data preparation and analysis enables the decision making process by promoting the process of suggesting conclusions, whereby useful information is highlighted by the modelling, transformation, cleaning, and inspection data analysis processes