Which of the following statements is true?
A)Customers form the largest source of new ideas for entrepreneurs.
B)While members of the distribution channel may be willing to provide new ideas for entrepreneurs,they may not help market them.
C)The Federal Government is not a source of new ideas since the patent information they collect is confidential.
D)Potential entreprenuers should establish a formal method for monitoring and evaluating competitive products and services on the market.

Question

Quizplus · Accepted Answer

Monitoring and evaluating competitive products and services on the market is an important method for generating new ideas for entrepreneurs. By researching what is already available in the market, potential entrepreneurs can identify unmet needs and gaps in the market that they may be able to fill with their own unique products or services. While customers may also provide valuable feedback and ideas, it is important to have a formal method in place for evaluating the competition. The other options are not accurate: A is too generalized, B may not be true for all members of the distribution channel, and C is incorrect as patent information is publicly available.

Which of the Following Statements Is True