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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Keep all the profit.
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Change in tastes and trends which can be a problem if busineses don’t adapt to meet these needs.
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Be your own boss, work when you want.
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Job protection-can’t be fired.
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Detailed explanation-1: -The demand for a commodity is also affected by the taste and preference of the consumer. The demand for a commodity will increase if consumer’s taste changes in favor of the commodity and any unfavorable change in taste or preference will reduce the demand for the commodity.
Detailed explanation-2: -There are four main customer needs that an entrepreneur or small business must consider. These are price, quality, choice and convenience.
Detailed explanation-3: -Changing Consumer Tastes McDonald’s began offering the classic combo of hamburgers and fries. They originally didn’t offer salads or frappes. But, over time, their customers wanted healthier foods, so McDonald’s responded and began offering healthy alternatives, such as salads, fruits, wraps, and oatmeal.
Detailed explanation-4: -Consumer preferences are subjective individual tastes, likes and dislikes, and predispositions. When you’re building or marketing a product to your target consumers, you need to consider their personal preferences to get the best possible results.