ECONOMICS
ENTREPRENEURS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Find data on what your target market segment thinks and shift your business to meet their needs or wants
|
|
|
Only look for data that supports your initial idea
|
|
|
Gather data on what your competitors are doing and create a competitive advantage to stay relevant in the market
|
|
|
Collect data from a variety of sources and perspectives
|
Detailed explanation-1: -Answer. You should avoid only looking for information that supports your initial idea (confirmation bias). Instead, you should gather all the relevant data and then make your conclusions.
Detailed explanation-2: -Corporations and marketing teams use various criteria to develop target markets for their products and services. The criteria for a market segment include homogeneity among the segment’s main needs, uniqueness, and a common reaction to marketing tactics.
Detailed explanation-3: -Which of the following is NOT a typical characteristic of a market system? Government ownership of most property resources. Which of the following is a fundamental characteristic of the market system? Property rights.
Detailed explanation-4: -Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach.