BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Prove without ongoing market research and data analysis that your business idea is truly a business oportunity
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Prove through ongoing market research and data analysis that your business idea is truly a business oportunity
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Prove through market research and data analysis that your business idea is truly a business oportunity
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None of the above
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Detailed explanation-1: -Model validation is the set of processes and activities intended to verify that models are performing as expected.
Detailed explanation-2: -The purpose of idea validation is to make sure your product or business idea has potential and the most critical assumptions regarding your idea are valid. The point is to find the fastest and cheapest way to test your assumptions so that you can decide whether you’re going to proceed with the idea or pivot.
Detailed explanation-3: -Market validation provides insights into business decisions through user feedback. For example, suppose your test audience likes your product idea but is hesitant to buy it. Perhaps they are willing to buy your product after a free trial. This suggests that a freemium model might be suitable for your product initially.