INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Marketing strategies should be designed to appeal to these potential customers
|
|
|
It’s less costly if you use research to build marketing strategies
|
|
|
Magazines and TV stations will ask to see research before you can buy advertisements
|
|
|
None of the above-market research is not important
|
Detailed explanation-1: -This information can help inform your positioning in the market, determine which products and services to offer and what target audience to focus on.
Detailed explanation-2: -To define your target market effectively you’ll need to do some research. Gathering statistics and other market research data helps you to understand your potential customers and their needs and make better marketing decisions.
Detailed explanation-3: -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-4: -Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.
Detailed explanation-5: -Market research gives you a great chance to know your most important stakeholder all the better – your customer. Having a great product is not enough in an age of information and digital capability as competitors will always find ways to steal your market share.