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Why does an entrepreneur conduct market research?

Answer and explanation

Correct answer: To understand customer needs and market conditions

Market research is the systematic collection and study of information about customers, competitors, prices, and market conditions. It helps an entrepreneur check whether a proposed product is needed, how it should be priced, and what improvements customers expect before making decisions. Therefore, option C is correct. Shop decoration, holiday planning, and tax avoidance are not the main purposes of market research.

Related tags

Market-ResearchCustomer-NeedsCompetitionBusiness-PlanningIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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