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Identifying Viable Business Opportunities

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Identifying Viable Business Opportunities

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Questions and Answers

What is the purpose of identifying the demographics of the target market?

To establish the geographic location of the target market

To predict the future trends of the market

To understand the external characteristics of the potential customers (correct)

To determine the competition in the market

How does geography play a role in identifying the target market?

It focuses on the psychological aspects of the target market

It involves setting up the business in a location to reach the target market (correct)

It determines the historical background of the target market

It analyzes the technological advancements of the target market

What is the significance of psychographic approaches in identifying the target market?

It focuses on the income levels of the potential customers

It helps in understanding the lifestyle and behavioral traits of the potential customers (correct)

It determines the age and gender distribution in the market

It analyzes the educational background of the potential customers

Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?

To tailor the product or service to meet the needs of the target market Signup and view all the answers

What does demography describe in the context of identifying the target market?

The vital external characteristics of the target market as human beings Signup and view all the answers

What are the three main ways an entrepreneur can find their target market according to the text?

Geographic, demographic, and psychographic approaches. Signup and view all the answers

What does demography describe in the context of identifying the target market?

Demography describes the vital external characteristics of the target market as human beings: where they live, how they live, how much money they earn, where they studied. Signup and view all the answers

Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?

It is important for an entrepreneur to know the demographics of their customers early in the business planning stage because without a prospective market, the product will not move or sell. Signup and view all the answers

What is the significance of psychographic approaches in identifying the target market?

Psychographic approaches help the entrepreneur to understand the lifestyle, social class, and personality characteristics of the target market. Signup and view all the answers

What role does geography play in identifying the target market according to the text?

Geography has something to do with the place or location where the business will be set up to reach the target market. Signup and view all the answers

Identifying Viable Business Opportunities

Choose a study mode

Podcast

Questions and Answers

What is the purpose of identifying the demographics of the target market?

How does geography play a role in identifying the target market?

What is the significance of psychographic approaches in identifying the target market?

Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?

What does demography describe in the context of identifying the target market?

What are the three main ways an entrepreneur can find their target market according to the text?

What does demography describe in the context of identifying the target market?

Why is it important for an entrepreneur to know the demographics of their customers early in the business planning stage?

What is the significance of psychographic approaches in identifying the target market?

What role does geography play in identifying the target market according to the text?

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