INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To generate buzz and excitement around the new business
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To raise funds from investors
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To understand customer needs and preferences
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To develop a marketing strategy
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Detailed explanation-1: -Most new businesses will encounter three different types of customer; market research gives you the ability to understand how your target customers think and adapt to their needs in order to turn them into regular customers and brand advocates.
Detailed explanation-2: -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-3: -Understanding Market Research It also informs product differentiation, which is used to tailor advertising. Market research is a critical tool that companies use to understand what consumers want, develop products those consumers will use, and maintain a competitive advantage over other companies in their industry.