Question

"Bethany is concerned about identifying underlying needs instead of simply focusing on existing demands. Which one of the following would be LEAST beneficial for the newly incorporated joint venture entity to do?"

a) Conduct surveys and focus groups to gather customer feedback.
b) Analyze customer comments and ratings to understand preferences.
c) Develop products solely based on current customer demands.
d) Explore market trends and anticipate future customer needs.

Answer 1

The least beneficial action for a newly incorporated joint venture entity, concerned with identifying underlying needs, would be to develop products solely based on current customer demands, as this approach ignores future needs and market trends.

Step-by-step explanation:

Bethany is concerned about identifying underlying needs instead of simply focusing on existing demands. In this context, the newly incorporated joint venture entity would find it LEAST beneficial to develop products solely based on current customer demands. This approach is short-sighted and does not take into account changing market dynamics or potential future needs that could be uncovered through more strategic methods such as gathering information from customers and other stakeholders, finding expert information, and doing a root cause analysis.

It's important for businesses to involve stakeholders in the decision-making process, solicit customer feedback actively, and anticipate future trends and needs. Methods like conducting surveys, focus groups, and analyses of customer comments are all valuable strategies for gaining this insight and are more beneficial in the long term.