_____ refers to the way entrepreneurs identify new products or services that may lead to promising businesses.
A)Focus-based decisions
B)Elasticity
C)Opportunity recognition
D)Cost-benefit analysis

Question

Quizplus · Accepted Answer

Opportunity recognition refers to the process of identifying potential new products, services or business models that may lead to promising businesses. This can involve identifying unmet customer needs, spotting gaps in the market, or recognizing emerging trends that may create new opportunities. It requires a combination of creativity, market insight, and analytical skills to identify and evaluate these opportunities. Focus-based decisions, elasticity, and cost-benefit analysis are related concepts but do not specifically refer to the process of identifying new business opportunities.

_____ Refers to the Way Entrepreneurs Identify New Products or Services