DECA Sports and Entertainment Marketing Practice Exam

What is one advantage of conducting syndicated research for businesses?

1. Lower research costs

2. More tailored insights

3. Exclusive access to information

4. Increased time commitment

The correct answer is: Lower research costs

Conducting syndicated research offers businesses the advantage of lower research costs. Syndicated research involves data and insights collected and sold by research firms that cater to multiple clients across various industries. Since the costs for conducting this research are spread out among many organizations, individual businesses can access high-quality, comprehensive information without incurring the full expense of a proprietary study, which would typically be higher because the research is customized for a specific client's needs. This cost-effectiveness allows businesses, especially smaller ones with limited budgets, to utilize valuable data and insights to inform their strategies and decisions. The other options do not capture the primary benefit effectively. Tailored insights usually refer to custom research that is specifically designed for a single business, which can be more expensive and less accessible through syndicated sources. Exclusive access to information typically implies proprietary research that isn't available to competitors, which contrasts with the nature of syndicated research, where findings are shared among many clients. Lastly, an increased time commitment tends to be associated with more personalized research projects that require greater input and engagement from the client, rather than the streamlined process of accessing ready-made syndicated reports.