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Why is local market study done?

Answer and explanation

Correct answer: To understand customer needs and competition

Studying a local market helps an entrepreneur learn about potential customers, their needs, purchasing capacity, existing sellers, prices, and competing products. This information supports decisions about product design, location, pricing, and promotion. Therefore option A is correct; the other choices represent poor or uninformed planning.

Related tags

Market-StudyCustomer-NeedsEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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