ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following best describes the term, market research?A A measure of the size of a market 5B The process of gathering and analysing data 5C A group of consumers with similar needs 5D The sales of a business in a market compared to total market sales
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A measure of the size of a market
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The process of gathering and analysing data
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A group of consumers with similar needs
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The sales of a business in a market compared to total market sales
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Explanation:
Detailed explanation-1: -Market research blends consumer behavior and economic trends to confirm and improve your business idea. It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye.
Detailed explanation-2: -Market share is the percent of total sales in an industry generated by a particular company. Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over the same period.
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