ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Keep all the profit.
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Change in tastes and trends which can be a problem if busineses don’t adapt to meet these needs.
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Be your own boss, work when you want.
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Job protection-can’t be fired.
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Detailed explanation-1: -Consumer tastes and preferences directly impact the demand for a business’s product or service. These preferences constantly change, which makes it challenging to predict what they might be in the future.
Detailed explanation-2: -When a change in customers tastes and preferences and market structures in general occurs, it is termed as. Market drift.
Detailed explanation-3: -The underlying concept is that when consumer demand undergoes a fundamental change, it alters how many products consumers are willing to buy at any price point. For example, if consumers find out pizza is more nutritious than previously thought, they will be more willing to buy pizza at all possible prices.
Detailed explanation-4: -Preparation. Customers want you to do your homework before talking with them. Simplicity. Customers, like everyone else, must cope with the complexities of business. Creativity. Loyalty. Accessibility. Accountability. 18-Jan-2013