Answer to Question #235593 in Management for Another you

Question

1. Give at least 2 examples of conventional and innovative businesses.

2. Why is it important to have a survey of market size and value?

3. Why should you determine who your customers are in terms of target market?

4. Why should you determine who your customers are in terms of customer requirements?

5. Why should you determine who your customers are in terms of market size?

Answer 1

Question 1

A. Apple – revolutionized the music and consumer electronics industries.

B. Uber is revolutionizing the taxi industry.

Question 2

A market survey may help you spot problems before they become significant problems, as well as forecast potential hazards that could put your company in jeopardy. A market survey can provide you with information that will help you anticipate change and stay relevant. The data gathered will also aid in developing new goods by allowing better judgments to be made.

Question 3

To provide the most excellent service to your clients, you must first understand who they are. It not only helps you to simplify your product offerings, but it also allows you to provide the most excellent possible experience to your consumers.

Question 4

It is critical to correctly understand consumers' demands to ensure customer happiness and loyalty. Customers have distinct requirements. Making assumptions about what a consumer wants based on prior customers might drive them away. Representatives can cross-sell similar items or services by identifying clients' requirements.

Question 5

It is crucial to figure out how big the market is. It informs you, your partners, staff, and investors about the amount of potential business that exists. It assists in determining the actual value of your particular venture. Even if you never aim to raise any outside cash, you should be aware of this.