5 Questions
Consumer preferences refers to the taste of particular groups of people.
True
Micro market refers to the specific target market segment of a particular enterprise.
True
The entrepreneur must also be able to measure the actual demand and supply of the industry that the enterprise belongs to.
True
Rivals or competitors in a particular type of business are substitute products or services, which customers shift or turn to.
False
Personal value analysis represents your philosophy, guiding principles, outlook and inspirations for your business (non-monetary values).
True
Study Notes
Market Analysis
- Consumer preferences refer to the unique tastes and preferences of specific groups of people.
- Micro market is a specific target market segment of a particular enterprise, which the business focuses on.
Industry Analysis
- An entrepreneur must measure the actual demand and supply of the industry to understand the market dynamics.
- Demand and supply analysis helps entrepreneurs make informed decisions about their business.
Competitor Analysis
- Rivals or competitors in a particular type of business offer substitute products or services that customers can switch to.
- Identifying competitors and their offerings is crucial for businesses to differentiate themselves.
Personal Value Analysis
- Personal value analysis represents an entrepreneur's philosophy, guiding principles, outlook, and inspirations for their business.
- It involves identifying non-monetary values that drive business decisions and shape the company's culture.
Test your knowledge of consumer preferences, micro markets, and measuring demand and supply in the industry! Learn about rivals, competitors, and substitute products in this quiz.
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