ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Marketing strategies should be designed to appeal to these potential customers
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It’s less costly if you use research to build marketing strategies
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Magazines and TV stations will ask to see research before you can buy advertisements
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None of the above-market research is not important
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Detailed explanation-1: -This information can help inform your positioning in the market, determine which products and services to offer and what target audience to focus on.
Detailed explanation-2: -Market research provides critical information about your market and your business landscape. It can tell you how your company is perceived by the target customers and clients you want to reach.
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.
Detailed explanation-4: -This assessment helps you identify the customers most likely to purchase your product as well as the best way to reach them.
Detailed explanation-5: -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.