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Questions and Answers
Which factor is important to consider when developing a business idea?
Which factor is important to consider when developing a business idea?
- The price that can be charged for the product
- The person entering the business (correct)
- The strength of the competition
- The number of competitors in the market
What should be considered when finding out about the market for a new product?
What should be considered when finding out about the market for a new product?
- The number of competitors in the market
- The price that can be charged
- The strengths and weaknesses of the competition (correct)
- The type of design preferred by customers
What can be a strategy for pricing a new product?
What can be a strategy for pricing a new product?
- Increasing the price as the product sells well
- Matching competitors' prices
- Charging a higher price than competitors
- Selling at less than unit cost initially (correct)
