BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Companies will develop new products to meet a need that has not yet been met or to compete with another company.)
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It helps a company to the how to sell the right product at the right price, at the right place and at the right time most effectively
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So that the business can focus the marketing efforts in a cost effective and efficient manner
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Detailed explanation-1: -Identifying your audience allows your business to focus marketing efforts and dollars on the groups that are most likely to buy from you. That way, you are generating business leads in an efficient, affordable manner.
Detailed explanation-2: -Potential markets allow you to: Ensure the future of your business by identifying new customers. Think proactively about ways for your business to grow and change. Show the potential of your business to investors or collaborators.
Detailed explanation-3: -Understand your audience Doing this can help you better understand your customers, an important part of growing your business. Identifying and narrowing in on your target market segments can help you create and launch effective promotions, which could increase your sales.
Detailed explanation-4: -It can help you decide whether a new idea for a business or product will fly – that is, if customers will find it appealing – based on how similar products have performed in the marketplace. It can help you make wise product packaging and promotional decisions, as well as effective marketing messages.
Detailed explanation-5: -For a new business, it is very important to identify who its customers or potential customers are and understand what they want. Identifying, understanding and meeting the requirements of customers means a new business can do two key things: generate sales and make its survival more likely.