ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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worry less about the future of their business
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develop plans for expanding their business
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market the product to specific people
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better budget their time and money
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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: -To define your target market effectively you’ll need to do some research. Gathering statistics and other market research data helps you to understand your potential customers and their needs and make better marketing decisions.
Detailed explanation-3: -A target market is the specific group of people you want to reach with your marketing message. They are the people who are most likely to buy your products or services, and they are united by some common characteristics, like demographics and behaviors.
Detailed explanation-4: -A target market is the group of people most likely to purchase a specific product or service. It’s important for businesses to understand their target market, because members of this group are most likely to buy and recommend their products, improving the number of sales.
Detailed explanation-5: -The four target markets are geographic, demographic, psychographic, and behavioral.