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Entrepreneurship Unit 2 Evaluating the market
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Entrepreneurship Unit 2 Evaluating the market

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Questions and Answers

What is important for entrepreneurs to have in order to achieve business success?

  • A strong marketing plan (correct)
  • A stable foundation of corporate clients
  • A powerful niche
  • A large retail area

    • What should a business owner do if a customer is unsatisfied with their purchase?

  • Post a response on multiple websites
  • Ignore the customer's complaint
  • Offer a discount on future purchases (correct)
  • Refuse to give a refund

    • Which of the following best defines market share?

  • The amount of profit made by a company
  • The total revenue generated by a company
  • The number of competitors in a specific market
  • The percentage of sales earned by a company over a specific period of time (correct)

    • What is the goal of a business in terms of market share?

    <p>To have a greater market share than its competition</p> Signup and view all the answers

    Why is it important for businesses to have strategies to stay ahead in the competition?

    <p>To maintain or increase their market share</p> Signup and view all the answers

    What does networking involve in the context of businesses with similar goals and interests?

    <p>Sharing information and resources</p> Signup and view all the answers

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