1st Quarter Exam - Entrep

What is the main purpose of market research in entrepreneurship?

• To increase the production cost

• To identify and understand consumer needs

• To limit competition

• To create a monopoly

Which of the following is the first step in recognizing a potential market?

• Creating a marketing plan

• Conducting market research

• Increasing product pricing

• Writing a financial plan

What is a potential market?

• A market that has already been established

• A group of people who might buy the product in the future

• A market with no competition

• A market with existing customers

Why is it important to identify customer needs before launching a product?

• To avoid spending on advertising

• To develop a product that satisfies the market

• To reduce production costs

• To limit market competition

Which factor does NOT influence a potential market?

• Customer preferences

• Economic conditions

• Brand loyalty

• Distance from suppliers

What does competition in the market encourage entrepreneurs to do?

• Raise product prices

• Innovate and improve products

• Exit the market

• Limit product distribution

Which of the following is NOT a characteristic of a good market opportunity?

• Low competition

• High customer demand

• High production cost

• Profit potential

A market with no competitors is known as:

• A niche market

• A saturated market

• A monopoly

• An oligopoly

Which document is primarily used to attract investors by showcasing potential market opportunities?

• Financial plan

• Marketing plan

• Business plan

• Production plan

What is the term for a group of potential customers who share similar characteristics?

• Market segment

• Supply chain

• Product line

• Revenue stream