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Why is it important for an entrepreneur to monitor changes in the market?

Answer and explanation

Correct answer: To adapt strategy according to new demand trends and risks

Customer preferences, technology, competitors and economic conditions can change. Monitoring the market helps an entrepreneur notice new demand, emerging risks and useful opportunities, then adjust products, prices or promotion. It does not require removing every old product, raising prices only or abandoning the business plan permanently.

Related tags

Market-MonitoringAdaptabilityIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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