Question

Which is defined as the discovery of business opportunities ?

• A. Marketing
• B. Invention
• C. Promotion
• D. None of these

Hint:

Be precise with terminology. 'Invention' is creating something new. 'Innovation' is applying an invention successfully in the market. 'Opportunity Recognition' is identifying a market need that can be satisfied, possibly by an innovation.

Answer 1

The Correct Option is D

Step 1: Understanding the Question:
The question asks for the correct term that defines "the discovery of business opportunities".
Step 2: Analysis of Options:
Let's analyze the given terms.

(A) Marketing: This is the process of creating, communicating, and delivering value to customers. While market research (a part of marketing) can help discover opportunities, marketing itself is a broader business function.

(B) Invention: This refers to the creation of a new product, system, or process. An invention can be the basis of a business opportunity, but it is not the act of discovering the opportunity itself. One could invent something for which there is no market (no opportunity).

(C) Promotion: This is a component of marketing focused on communicating with customers to persuade them to buy a product. It happens after a business is already established.

None of the provided terms accurately define the process of discovering business opportunities. The correct term for this is often 'Opportunity Recognition' or 'Opportunity Identification'.
Step 3: Final Answer:
Since none of the options correctly define the discovery of business opportunities, the correct answer is (D) None of these. (The answer key indicates 'D', but it is a typo and should be A for the next question. Based on the logic, D is correct for Q65). The correct answer as per the provided key is D, which logically aligns as none of the options are correct.