You Successfully Worked with Classmates in a Marketing Course Project

question 10

Essay

You successfully worked with classmates in a marketing course project where your team created a product that addresses an unmet need. Your professor gave your team a very good score and commented that the idea has
'real world merit.' As you approach graduation and consider career options, the allure of starting your own company is growing increasingly attractive. You speak to your former marketing team members and they want to join you as you consider developing your project idea. You do not know the viability of your product. Describe how you will proceed to build your marketing research initiative (defining the problem and
objectives) using Exploratory, Descriptive and Causal research.

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Definitions:

Dividend

A portion of a company's earnings distributed to shareholders, usually in the form of cash or additional shares.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Drawing Account

An account used by sole proprietors or partners to record the money withdrawn from the business for personal use.

Capital Account

Refers to a financial statement that shows the changes in a company's equity during a specific period due to transactions with its owners, such as stock issuance and dividend payments.