Question

Which of the following is first step in market assessment?

• A. Analysis of the situation
• B. Competitive rivalry
• C. Suppliers power
• D. Defining the problem

Answer 1

The correct option is D Defining the problem

Whether it is about a new business or launching a new product,conducting a market assessment is essential to know whether there exists any demand to the idea.

Conducting the market assessment starts with defining the problem.Defining the objectives is defining the problem which is tantamount to a successful marketing campaign.

Then follows the analysis of the situation