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What is the main purpose of a market survey for a new enterprise?

Answer and explanation

Correct answer: Understanding customer preferences, demand, and competition

A market survey collects information about potential customers, their preferences, demand, buying ability, and competing offers. This evidence helps an entrepreneur decide what to offer, how to position it, and whether the idea is viable. A survey is not mainly a colour exercise, a method of forcing purchases, or a way to hide the business name.

Related tags

Market SurveyCustomer PreferenceDemandCompetitionIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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