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.
Frequently asked questions
What is the correct answer to this question?
Understanding customer choices and needs
Why is this the correct answer?
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.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
