Entrepreneurship Quiz 3

Which of the following best defines a market problem?

• Competitor’s pricing

• Customer’s unmet need

• Internal challenge

• Product flaw

What is a market need?

• Business expansion

• Customer demand

• Competitor innovation

• Marketing goal

Why is identifying market problems important for product development?

• Reduces costs

• Boosts satisfaction

• Eliminates competition

• Increases engagement

Which group is NOT typically considered when identifying market problems?

• Existing customers

• Target users

• Prospects

• Internal staff

What is a common mistake when focusing only on innovation?

• Ignoring feedback

• Creating irrelevant solutions

• Reducing features

• Copying strategies

Why is it risky to focus only on competitors?

• Higher costs

• Customers may not care

• Improves loyalty

• Increases share

What is the limitation of relying only on customer feedback?

• Unrealistic ideas

• Limited future vision

• Want cheaper products

• Dislike innovation

Why talk to prospects and target users?

• Easier to convince

• Offer broader insights

• Prefer new brands

• Reduce costs

What happens when focusing only on revenue?

• Lose customers

• Miss opportunities

• Increase innovation

• Improve loyalty

Which is NOT part of problem-identification research?

• Brand image

• Market characteristics

• Product pricing

• Market potential