If customers are not buying the product, what should an entrepreneur do first?
Answer and explanation
Correct answer: Collect information from customers and market to know the reason
The first step is diagnosis, not an immediate reaction. The entrepreneur should collect customer feedback and market information to examine price, quality, usefulness, awareness, competition, and distribution. Once the likely cause is understood, the product or strategy can be improved. Blaming customers or closing without evidence is premature.
Frequently asked questions
What is the correct answer to this question?
Collect information from customers and market to know the reason
Why is this the correct answer?
The first step is diagnosis, not an immediate reaction. The entrepreneur should collect customer feedback and market information to examine price, quality, usefulness, awareness, competition, and distribution. Once the likely cause is understood, the product or strategy can be improved. Blaming customers or closing without evidence is premature.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
