Chapter 2: Forms Of Business Ownership Flashcards
1
Q
What is market research?
A
Market research is a process of recording and analysing information concerning a specific market.
2
Q
What are market conditions?
A
They are the features of a market into which a new product or service is to be introduced and include factors such as the number of potential customers, level of competition and growth.
3
Q
What is demand?
A
Demand is the quantity of a product that consumers are prepared to purchase.
