ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Conduct primary and secondary research
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Start promoting the business to neighbors
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Talk to your cousin that shops at local stores
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Explore websites of similar businesses
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Detailed explanation-1: -Traditionally, market research encompassed four major disciplines: primary, secondary, quantitative and qualitative. However, as technology and marketing have become sophisticated, we’ve divided many of these types of research and insights into individual processes that allow for more granular data collection.
Detailed explanation-2: -Hence, the correct answer is-Target market is not important, for market offering will not be correct in case of market offering.
Detailed explanation-3: -Define the problem. Focus on the core customer challenge to solve. Develop your research plan. Gather your information. Analyze your data. Develop a strategy. Take action.
Detailed explanation-4: -Improve your branding. Many companies don’t have a good handle on their brand. Understand your customers better. Measure the effectiveness of your marketing. Identify new opportunities. Get insights into product features.