When defining potential customers, an owner must
A)visit all competitors.
B)use NAICS data.
C)define a specified radius around the business.
D)analyze normal or ordinary competitive factors.

Question

Quizplus · Accepted Answer

Defining a specified radius around the business is the most effective way to identify potential customers as it allows the owner to focus on the local market and potential customers within a reasonable proximity to the business. While visiting competitors and analyzing competitive factors may provide insight into the local market, it is not the most efficient or comprehensive approach. Using NAICS data may be helpful in identifying industry trends and potential customers, but it does not provide specific information about the local market.

When Defining Potential Customers, an Owner Must