INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Newspapers and magazines will give you a discount on advertisements if you show them your research.
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You need to consider who your potential customers are before deciding on marketing strategies.
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Customers enjoy sharing their opinions, so market research will make your product sell more.
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It doesn’t matter which one you do first.
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Detailed explanation-1: -Why Do Market Research? 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.
Detailed explanation-2: -Conducting market research allows you to appeal more specifically to your customers’ pain points and preferences. It’s a win-win for your customers and your business. One of the most effective ways to be customer-centric in your market research is by using a segmentation-targeting-positioning (STP) model.
Detailed explanation-3: -Why have a target market? For your business to thrive you need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service. This is a much more effective and affordable way to reach your customers and generate business.
Detailed explanation-4: -Having the right target market helps you determine where to find potential clients who are looking for what you have to offer. If you have a target market, you know where to concentrate your marketing efforts and what to offer that is compelling and well received.
Detailed explanation-5: -It can help you develop or make changes to your product or service to better match what your customers are likely to want. It can also tell you how to reach your customers through advertising, promotions, etc.