Question

You wish to have your own start-up business in a new city. You will :

• A. Start your business immediately and will come to know about market and consumer's choices.
• B. You will survey the entire state before investing your money.
• C. You will inquire your family, friends, and relationships, and relatives, about their choices and preferences and decide thereafter.
• D. You will select a sample area and sample size of people for survey and take decisions accordingly.

Hint:

Before starting any business, always conduct a thorough market survey. This helps you understand customer preferences, leading to better decision-making.

Answer 1

The Correct Option is D

When starting a new business, understanding the market and consumer choices is critical. By selecting a sample area and surveying a sample of people, you can gather data on consumer preferences. This will help you make informed decisions rather than making assumptions or investing money blindly.