What does local market study help an entrepreneur know?
Answer and explanation
Correct answer: Customer preference, demand, and competition
A local market study collects relevant information about the people and businesses in a particular area. It can reveal what customers prefer, how much demand exists, what competitors offer, and where an opportunity may exist. Therefore option A is correct. Private matters and unrelated observations do not provide a sound basis for business planning.
Frequently asked questions
What is the correct answer to this question?
Customer preference, demand, and competition
Why is this the correct answer?
A local market study collects relevant information about the people and businesses in a particular area. It can reveal what customers prefer, how much demand exists, what competitors offer, and where an opportunity may exist. Therefore option A is correct. Private matters and unrelated observations do not provide a sound basis for business planning.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
