Future Business Leaders of America (FBLA) Entrepreneurship Practice Test

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Which of the following is a benefit of conducting market research?

  1. Increased Costs

  2. Reduced Risk

  3. Higher Prices

  4. Limited Information

The correct answer is: Reduced Risk

Conducting market research offers the benefit of reduced risk for businesses, making informed decisions based on actual data and analysis. By understanding market trends, customer preferences, and competitive dynamics, businesses can identify opportunities and threats more accurately. This knowledge allows them to strategize effectively, leading to better product development, targeted marketing strategies, and improved chances of success in the marketplace. As a result, businesses that invest in market research are better equipped to minimize uncertainties and avoid costly mistakes associated with launching new products or entering new markets.

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