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How businesses identify needs, niches and gaps in established markets to guide the development of specific services or products to address these opportunities; for example, electric cars and solar power

Quiz by Larissa Mullen

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10 questions
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  • Q1
    Which of the following is an example of identifying a need, niche, or gap in an established market?
    Expanding into unrelated industries
    Investing in stocks and bonds
    Developing electric cars and solar power
    Producing traditional gasoline cars
  • Q2
    What is one method businesses use to identify opportunities in established markets?
    Guessing and assuming
    Ignoring customer feedback
    Copying competitors' strategies
    Conducting customer surveys
  • Q3
    What is the term used to describe the process of identifying specific customer needs in an established market?
    Product development
    Market research
    Competitor analysis
    Market segmentation
  • Q4
    What is the process of developing specific services or products in response to identified needs, niches, and gaps in established markets?
    Product development
    Cost reduction
    Financial analysis
    Marketing campaigns
  • Q5
    What is the role of market analysis in identifying opportunities for specific services or products?
    To ignore customer feedback
    To understand market trends and customer preferences
    To rely on random guesses
    To copy competitors' products
  • Q6
    What is the purpose of identifying needs, niches, and gaps in established markets?
    To create general products for broad markets
    To imitate competitors' strategies
    To rely on luck for success
    To guide the development of specific services or products
  • Q7
    How can businesses identify gaps in established markets?
    By ignoring customer feedback
    By analyzing customer feedback and complaints
    By relying solely on intuition
    By copying competitors' products
  • Q8
    What is a niche in an established market?
    A specialized segment with specific customer needs
    A market without any competitors
    A market with fluctuating customer demands
    A general market with broad customer interests
  • Q9
    What is a common method businesses use to gather information about customers and market trends?
    Conducting market research
    Copying competitors' strategies
    Guessing and assuming
    Relying on luck
  • Q10
    How do businesses identify needs, niches, and gaps in established markets to guide the development of specific services or products?
    Through market research and analysis
    Through random guesses
    By copying competitors' products
    Based on the CEO's intuition

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