In the question below is given a statement followed by two options numbered 1 and 2. Based on this choose the correct option. Statement: Surveys are among the most popular methods of primary market research. Option 1: Market research surveys are a type of survey used to gather information about a particular market. Option 2: This type of survey is often used by businesses to understand customer needs and preferences, track market trends and identify potential areas for growth.

Correct option is C

Option 1 is correct: Market research surveys are indeed structured tools to collect data and insights about a specific market, such as customer demographics, purchasing behavior, or product demand.
Option 2 is also correct: Businesses use such surveys to:
Understand customer needs and preferences (e.g., taste, price expectations).
Track market trends (e.g., demand shifts, emerging competitors).
Identify growth opportunities by spotting gaps in the market or areas for new product launches.
Since both statements describe the purpose and application of surveys in market research, both are correct.
Therefore, the correct answer is Option (c) – Both 1 and 2 are correct.