BUISENESS MANAGEMENT
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increased possibility of survival
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Lower chance of breaking even
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Customer demand for its products will be minimal
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Increased risk of making costly mistakes
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Detailed explanation-1: -For a new business, it is very important to identify who its customers or potential customers are and understand what they want. Identifying, understanding and meeting the requirements of customers means a new business can do two key things: generate sales and make its survival more likely.
Detailed explanation-2: -It helps you produce better products and services Consumer research helps you to better understand the reasons and motives for customer actions. So, when you’re regularly running consumer surveys to get this feedback, it makes it easier to create products that better meet the needs and requirements of your audience.
Detailed explanation-3: -Most business ideas come from an entrepreneur spotting a need for a product or service. There are four main customer needs that an entrepreneur or small business must consider. These are price, quality, choice and convenience.