Question

What is the first step in conducting marketing research?

a. Gather information from primary sources

b. Defining the purpose

c. Gathering the participants

d. Creating a survey

e. Sole proprietorship

What does the term “sweat equity” refer to?

a. The amount of time and labor an entrepreneur has completed for the business.

b. An entrepreneur’s personal funds invested into the business

c. The amount of money your investor has put into the business

d. Friends and family funding

If an entrepreneur has an internal locus of control, this means that he/she:

a. Has a high need for achievement

b. Feels comfortable in an unstructured situation

c. Believes that success or failure depends on his/her own actions.

d. Believes fate is a powerful force.

Answer 1

1.  First step in conducting marketing research

b) Defining the purpose :-  The market research process begins with the identification “of a problem faced by the company. The clear-cut statement of problem may not be possible at the very outset of research process because often only the symptoms of the problems are apparent at that stage.

Stages or Steps Involved in Marketing Research Process

• Identification and Defining the Problem
• Statement of Research Objectives
• Planning the Research Design or Designing the Research Study
• Planning the Sample
• Data Collection
• Data Processing and Analysis
• Formulating Conclusion, Preparing and Presenting the Report:

a) Gather information from primary sources and creating survey :- Gathering information from primary sources and creating survey included in the 5th step in marketing research.The collection of data relates to the gathering of facts to be used in solving the problem.Data can be primary, i.e., collected from the original base through empirical research by means of various tools.

c). Gathering the participants:- It comes under the 4th steps of marketinf research process.

e). Sole proprietorship:- A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity. ( It is a type of business entity. It not come under market research process)

2. The term “sweat equity” refer to...?

a) The amount of time and labor an entrepreneur has completed for the business.

The term sweat equity refers to a person or company's contribution toward a business venture or other project. Sweat equity is generally not monetary and, in most cases, comes in the form of physical labor, mental effort, and time. Sweat equity is commonly found in real estate and the construction industry, as well as in the corporate world-especially for startups

b. An entrepreneur’s personal funds invested into the business :- Self funding

c. The amount of money your investor has put into the business:-  Investment is the act of putting money to work to start or expand a business or project or the purchase of an asset, with the goal of earning income or capital appreciation.

d. Friends and family funding: Financing

3) Internal locus of control, this means that he/she:

C). Believes that success or failure depends on his/her own actions

Internal Locus of Control. The belief that events in one's life, whether good or bad, are caused by controllable factors such as one's attitude, preparation, and effort. Example: When the boy failed a test, he acknowledged that he hadn't studied enough and didn't understand a few of its key questions.

a. Has a high need for achievement:- This is under the personality traits of a person.

b. Feels comfortable in an unstructured situation:- This is under the uncertanity avoidance situation.

d. Believes fate is a powerful force:- This is under external locus of control. Don't believe that they can change their situation through their own efforts.