BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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not available to the public.
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difficult to understand.
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expensive.
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not interesting to consumers.
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Detailed explanation-1: -Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.
Detailed explanation-2: -The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions.
Detailed explanation-3: -You can use perceptual maps to learn about your competition through market research by tracking and observing how customers perceive competitor products. Understanding customer perceptions of competitor brands and products can help you develop marketing strategies to better compete in your industry.
Detailed explanation-4: -The three activities of a successful targeting strategy that allows you to accomplish this are segmentation, targeting and positioning, typically referred to as STP.