INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1.Do not think much about long-run opportunities in the market
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2. Work without paying attention to target markets.
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3. Identify segmentation variables and segment the market.
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4.Never consider profiles of customer segments in response to any new product or service.
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Detailed explanation-1: -Markets can be segmented in several ways such as geographically, demographically, or behaviorally. Market segmentation helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market.
Detailed explanation-2: -Demographic, psychographic, geographic, and behavioral are the four pillars of market segmentation, but consider using these four extra types to enhance your marketing efforts.
Detailed explanation-3: -There are four key types of market segmentation that you should be aware of, which include demographic, geographic, psychographic, and behavioral segmentations. It’s important to understand what these four segmentations are if you want your company to garner lasting success.
Detailed explanation-4: -Simplicity and cost-effectiveness. Potential for increased profit. Similarity of needs of buyers in segment. Difference of needs of buyers among segments. Potential of a marketing action to reach a segment.