Question

David's marketing research returned the finding that customers were staying away from his bookstore because of a lack of services like gift cards, return policies, and special orders. David was shocked. "Nobody ever asks about that stuff! If it were that important, people would ask about it." David is likely suffering from a(n) ________ gap.A. knowledgeB. standardsC. ethicsD. deliveryE. communications

Answer 1

Answer:

.A. knowledge

Explanation:

Business knowledge refers to an entrepreneur's understanding of customers' preferences, staff skills,  business operations and processes, and overall market trends. When expertly gathered, business knowledge is an essential reference point for decision making. The information is useful for continued business growth and identification of new opportunities.

Market research is one way of gathering knowledge. Before the study, David appeared to be unaware of his customer preferences. Lack of business knowledge can lead to the loss of customers and the collapse of a business. Business owners can also gain knowledge through employee and supplier networks.