ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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During the test marketing process, the business will observe sales of the new product to determine demand but will NEVER survey customers to get their opinions.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Test marketing reduces the risk of full-scale launch. Launching the product on full scale in the market requires higher costs. Testing the market before taking that risk will give you all the areas in which the product needs improvements and how it can be better.
Detailed explanation-2: -You can evaluate the viability of your product in many ways. For example, paid surveys, market research mobile apps, consignment testing, and freelance market researchers are all cost-effective ways to test-market your product. It pays to get real-world feedback before launching a new product.
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