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What may happen if an entrepreneur does not understand changing customer needs?

Answer and explanation

Correct answer: Product may become irrelevant

Customer preferences, technology, income, lifestyles, and competing alternatives can change over time. If an enterprise continues offering the same thing without learning from these changes, its product may no longer solve an important problem or provide enough value. Demand and profit can then decline. Customer growth and secure profit are not automatic, and markets do not remain unchanged.

Related tags

Market-ChangeAdaptabilityEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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