BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Concept Development
|
|
|
Economic Analysis
|
|
|
Project Development
|
|
|
Refine Specification
|
Detailed explanation-1: -Market validation is the process of determining if there’s a need for your product in your target market.
Detailed explanation-2: -We define target market analysis as a study of how your product or service fits into a specific market of potential customers. Your core customer base, or target market, is the group of people you have found-through insights from your market research-that is most likely to purchase your products and services.
Detailed explanation-3: -Why have a target market? For your business to thrive you need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service. This is a much more effective and affordable way to reach your customers and generate business.