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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To delay the production process and increase labor costs
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To increase costs and determine consumer dislikes
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To predict trends and provide information to customers
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To determine customer preferences and minimize losses
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Detailed explanation-1: -XYZ Company is interested in developing, producing, and selling a new product. Before it does so, the company spends six months conducting marketing research. What are the primary advantages of this course of action? To determine customer preferences and minimize losses.
Detailed explanation-2: -Licensing is simply the process of selling your idea to a company that’ll develop it fully, taking on all the business-related tasks that launching a new product involves. Licensing can also be a great option for those whose financial resources are very limited.
Detailed explanation-3: -Market researchers use four characteristics to segment customers. Demographics. Demographic information such as age, gender, family status, education, household income, occupation and so on.
Detailed explanation-4: -The most common primary market research methods are interviews, surveys, focus groups and observations.