ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Higher revenues can be spent on R+D
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Homogenous products need to be differentiated through marketing which can be expensive.
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Mass marketing is straightforward as everyone is equally targeted.
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Large scale productions means economies of scale and lower average unit costs.
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Detailed explanation-1: -Choosing select groups of people to sell to is called target marketing, or differentiated marketing. Mass marketing, or undifferentiated marketing, involves selling the same product to everyone.
Detailed explanation-2: -Mass Marketing The market is treated as a homogeneous aggregate. Mass marketing aims to reach the largest audience possible, and exposure to the product is maximized. In theory, this would directly correlate with a larger number of sales or buy-in to the product.
Detailed explanation-3: -Mass marketing refers to treatment of the market as a homogenous group and offering the same marketing mix to all customers. Mass marketing allows economies of scale to be realized through mass production, mass distribution, and mass communication.