Digipreneur: The Search Stage

What is the primary goal of market research in entrepreneurship?

• To find the cheapest suppliers

• To understand customer needs and preferences

• To analyze competitors' marketing strategies

• To design a company logo

Which of the following is a qualitative market research technique?

• Surveys

• Financial forecasting

• In-depth interviews

• Data mining

What does 'target market' refer to in a business context?

• The entire market

• A specific group of consumers a business aims to reach

• The market with the highest prices

• The geographical location where a product is sold

Which method is most effective for understanding the emotional motives of consumers?

• Financial analysis

• Focus groups

• Online surveys

• Sales data

A SWOT analysis helps entrepreneurs to:

• Determine pricing strategies

• Understand strengths, weaknesses, opportunities, and threats

• Choose the right location for their business

• Select the best advertising channels

Understanding the business environment is only necessary for large corporations.

Customer feedback is not important during the early stages of a business.

You're launching a new fitness app. What's the first step you should take to understand your market?

• Start a mass advertising campaign

• Conduct a survey to understand potential users' fitness habits

• Open a fitness center

• Hire a celebrity as a brand ambassador

If a startup wants to identify its primary customer base, which approach should it take?

• Develop the product fully before getting any customer input

• Launch the product and wait for customer reviews

• Conduct market segmentation to identify different potential customer groups

• Focus on product design only