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After succeeding in a local market, an entrepreneur applies the same strategy in another city without research. What is the main risk?

Answer and explanation

Correct answer: The needs and behaviour of the two markets may differ

A strategy that works in one city may depend on its customers, income levels, culture, competition, location and buying habits. These conditions can be different in another city, so copying the strategy without research may lead to poor demand or losses. Local success is useful evidence, but it does not guarantee success everywhere.

Related tags

Market-ExpansionLocal-ResearchCustomer-BehaviourIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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