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Before launching a new product, which step is most suitable for understanding customers’ real needs?

Answer and explanation

Correct answer: Conduct market research

Market research collects information about customer problems, preferences, buying behaviour, competing products, and willingness to pay. This evidence helps an entrepreneur test whether a real market exists before committing heavily to production. Increasing output or setting price without research is risky, and ignoring competitors leaves the analysis incomplete. Therefore, conducting market research is correct.

Related tags

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

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