Asked by Yannira Acuna on Feb 18, 2024
Verified
A large market is required for a product or service to have value.
Entrepreneurship
A way of thinking, acting, and being that combines the ability to find or create new opportunities with the courage to act on them.
- Recognizing that a large market provides more opportunities for sales and revenue.
- Appreciating the potential for economies of scale in a large market, leading to cost efficiencies and higher profitability.
- Understanding the importance of market size in determining the value of a product or service.
Verified Answer
CB
Curly Brick
Feb 18, 2024
Final Answer :
False
Explanation :
A product or service can have value even with a smaller market. It's the uniqueness and demand within that market that determines its value.
Learning Objectives
- Recognizing that a large market provides more opportunities for sales and revenue.
- Appreciating the potential for economies of scale in a large market, leading to cost efficiencies and higher profitability.
- Understanding the importance of market size in determining the value of a product or service.