9.1 Why is Market Research Important?

Multiple Choice

Product planning is

• the process of guiding your business idea from inception through development ad introduction to the market

• the growth potential for a business entering a particular industry

• testing offers for your product or service to see what kind of response you get

Multiple Choice

A market is

• a group of entrepreneurs

• a step in the product planning process

• a group of potential customers for a particular product or service

Multiple Choice

To understand a particular market, you need to research

• the business environment

• the competition

• individual customers or businesses

• All of the answers are correct

Multiple Choice

Market research helps to test

• facts

• assumptions