What percentage of new businesses fail in the first year?

What percentage of new businesses fail in the first year?

MARKET RESEARCH
If you primarily sell false noses, wigs, and polka-dot jumpsuits to professional clowns,
except for once a year, when children buy your products to wear at Halloween, the children
are your
A. minor clientele. C. annual consumers.
B. secondary target market. D. primary target market.
18. West Side Medical Supply is in trouble. In the past two years, Fred Schultz, the owner,
suddenly lost 26 percent of his business when two drugstores and a local hospital closed.
He missed a big opportunity when his competitor got a contract at a new nursing home
before Fred even knew it was being built. Fred needs to
A. better understand his customers’ values.
B. sell to the public instead of to other
businesses.
C. do continuous research on demographic changes.
D. improve his overall customer service.
19. One of the biggest problems with telephone surveys is that
A. people often refuse to participate.
B. the cost is higher than other methods.
C. they’re too impersonal.
D. it takes too long to collect the results.
20. As Jake began his market research, he discovered that there wasn’t another retail boating
supply business for more than 100 miles. In fact, there was no large lake or river, either.
Jake concluded that
A. the competition gave up too soon.
B. there was no market for his product.
c. he would have to offer lower prices.
D. his marketing should stress quality and service.
1. A great business idea is
A. all you need to succeed.
B. something that comes along once in a lifetime.
C. an idea that no one else has ever thought of.
D. the beginning of a great business.
2. What percentage of new businesses fail in the first year?
A. 25 percent
B. 40 percent
C. 60 percent

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