BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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develop and market a product that is desired by all possible consumers
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develop products that are more desirable and cheaper than the competition
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create a marketing strategy that is tailored for a particular group of consumers
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write a marketing plan that is effective for a product, regardless of consumer characteristics
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Detailed explanation-1: -Knowing your customer base through a target market analysis helps you understand which advertising platforms to use, what products and services to offer and what type of messaging and visuals will invite prospects to take action.
Detailed explanation-2: -A target market strategy is a business plan focused on growing sales and brand awareness within a specific group of consumers. To do this, businesses strategize based on demographics that make up a market, which is an area or group specified for product sales.
Detailed explanation-3: -Micromarketing is an approach to advertising that tends to target a specific group of people in a niche market. With micromarketing, products or services are marketed directly to a targeted group of customers.
Detailed explanation-4: -A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company’s product or service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.