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What is the main purpose of market research for an entrepreneur?

Answer and explanation

Correct answer: Understanding customer needs and market demand

Market research collects and analyses information about potential customers, their needs, preferences, buying behaviour, competitors, and demand. Entrepreneurs use these findings to make decisions about the product, price, promotion, and business plan. Choosing a logo, recording attendance, or obtaining a licence may be useful tasks, but they are not the main purpose of market research.

Related tags

Market ResearchBusiness PlanningEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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