Problem 1. Why is it important for entrepreneurs to define and identify who their customers are? What strategies do entrepreneurs use to determine customer needs and wants? Be specific, using resources, concepts, information and cites from the course text.
Problem 2. What are benefits of entrepreneurs conducting market research? Provide examples of market research strategies used in your current business/organization or one with which you are familiar. If you are not sure what they might use, make some educated guesses given the reading and discussions on market research and apply it.
Problem 3. Choose a product with which you are familiar and describe strategies an entrepreneur would use when setting the product's price for retail. What objectives must entrepreneurs try to achieve when setting product prices? What types of things must they consider? Back up your response with information from the text reading, handouts, articles, etc.
Problem 4. A brief summary of questions 1-3