Session 6: Understanding the Market
Unit 4: Entrepreneurship Skills
Textual Question-Answers
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A. Subjective Questions
1. What are the two ways of understanding the market?
Ans: The two ways of understanding the market are ‘primary research’, which involves directly collecting information from customers throughsurveys, interviews, or observations, and ‘secondary research’, which involvesstudying existing data, reports, or market trends from reliable sources.
2. What are the different aspects of understanding customer needsand preferences?
Ans: The different aspects include understanding ‘what customers want’, ‘their buying habits’, ‘their preferences for product features or services’, ‘pricesensitivity’, and ‘their feedback or complaints’.
3. How can an entrepreneur find out about customer needs?
Ans: An entrepreneur can find out about customer needs by ‘conductingsurveys and interviews’, ‘observing customer behavior’, ‘studying feedbackand reviews’, and ‘analyzing market trends’.
4. What are the different aspects of understanding competition?
Ans: The different aspects include knowing ‘who the competitors are’, ‘what products or services they offer’, ‘their pricing strategies’, ‘their strengthsand weaknesses’, and ‘their market share’.
5. How can an entrepreneur find out about competition?
Ans: An entrepreneur can find out about competition by ‘visitingcompetitor stores’, ‘researching online’, ‘analyzing competitor marketingstrategies’, ‘studying customer reviews of competitors’, and ‘attending tradeshows or industry events’.
