ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of which strategy?
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Target auditing
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Market Planning
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Income segmenting
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Niche marketing
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Explanation:
Detailed explanation-1: -A niche strategy includes selecting your target audience, defining an unmet or underserved need, researching your customer base, creating a business plan, and marketing your business to your specific audience.
Detailed explanation-2: -Target Market selection is a term that is more often than not, associated with new product development and launches. It is an important stage of the product or service launch as it sharpens the marketing strategy contributing to the success of the product or service in the market.
Detailed explanation-3: -Key Takeaways. Market segmentation seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group.
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