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What is the main purpose of a market survey?

Answer and explanation

Correct answer: Understanding customer choices and needs

A market survey collects information about potential customers, their preferences, buying behaviour, unmet needs, prices and competing offers. This evidence helps an entrepreneur make better decisions about the product, service, price and promotion. Option A states its main purpose. A survey cannot automatically end competition, justify arbitrary prices or require employee removal.

Related tags

Market-SurveyCustomer-NeedsBusiness-ResearchEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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