When should an entrepreneur make changes in a product?
Answer and explanation
Correct answer: When customer feedback and market signals show the need for change
Product changes should respond to evidence such as repeated customer feedback, changing demand, new technology, quality problems, or competitive movement. The entrepreneur should examine the information and assess cost and feasibility before acting. Random daily changes can confuse customers, while ignoring demand and cost can make improvements impractical.
Frequently asked questions
What is the correct answer to this question?
When customer feedback and market signals show the need for change
Why is this the correct answer?
Product changes should respond to evidence such as repeated customer feedback, changing demand, new technology, quality problems, or competitive movement. The entrepreneur should examine the information and assess cost and feasibility before acting. Random daily changes can confuse customers, while ignoring demand and cost can make improvements impractical.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
