Proving That a Profitable Market Exists Involves

question 71

Multiple Choice

Proving that a profitable market exists involves:

• A) proving that customers in the marketplace need or want the good or service and are willing to pay for it.
• B) documenting claims about market size and growth rates with as much factual information as possible.
• C) making claims such as "This market is so big that if we get just 1 percent of it, we'll be profitable within 6 months."
• D) A and B only

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Definitions:

Free Will

The power of acting without the constraint of necessity or fate; the ability to act at one's own discretion.

Status Quo Bias

The preference for the current state of affairs, where changes are perceived as losses rather than gains, leading to resistance to change.

Temporal Discounting

The devaluation of future rewards or outcomes in favor of immediate benefits, reflecting an individual's preference for short-term gratification.

Certainty Effect

The tendency for people to give greater weight to outcomes that are certain, compared to outcomes that are only probable.