Question

Q.2. Read the following paragraph and summarize the following with appropriate title. 4 The greatest mistake people make when starting a new business is that try to sell products they like. The first law of marketing is, “you need to offer what people want to buy, not what you want to sell.” Customers do not buy what they like, but they buy what they want. Too many people start “a business is search of customers”. This tends to be an exercise in futility by listening to the markets we can find. “customers in search of a business.” The first step in starting a new venture begins with listening to the market place. The prospective entrepreneur needs to generate a list of areas where peoples’ needs are not being met well enough, or at all. It is particularly important that you do not restrict yourself to one particular type of product, service or geographic area. You must keep an open mind. Attention need to be to generating a sizeable list of market problems. The quantity of problems is more important than their respective quality at this time. The next step calls for an open mind and mental dexterity. It deals with whether there may be waysa to address the problems. One must remember that some of todays ‘gaps’ may produce tomorrows success stories. Listening to the market for customers in search of business may be far more fruitful than trying to generate new business ideas from scratch. The “market needs first, product, service second” sequence is what separates the entrepreneur from the inventor.​

Answer 1

Answer:

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Explanation:

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