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What should an entrepreneur do if demand for a product is continuously declining?

Answer and explanation

Correct answer: Analyse the causes and improve the product or strategy

Declining demand should first be investigated through sales records, customer feedback, price review, quality checks, and competitor or market analysis. The entrepreneur can then improve the product, pricing, promotion, or distribution based on evidence. Doubling production without investigation increases waste, while ignoring customers and expenses prevents a sensible response.

Related tags

DemandMarket-AnalysisStrategy-ImprovementIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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