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An entrepreneur does not need market research because a good product sells itself. What is the main misconception?

Answer and explanation

Correct answer: Along with quality, demand, price and distribution also affect success

The misconception is that a good-quality product automatically succeeds on its own. Market research identifies customer needs, demand, acceptable price, competition, and distribution channels for reaching buyers. Quality is necessary, but it is not sufficient by itself. Option C is wrong because price is often an important factor in customers' buying decisions. Exam tip: In entrepreneurship questions, connect product success with customer needs and market conditions.

Related tags

Entrepreneurship MythsMarket ResearchProduct Market FitCustomer DemandPricingDistributionMyths About EntrepreneurshipEntrepreneurial Skills I

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