ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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differs in important ways from other target markets
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emphasizes product features rather than price and promotion
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is based on the needs of the business
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is completely different from that offered by major competitors
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Detailed explanation-1: -A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company’s product or service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.
Detailed explanation-2: -This approach is called “target marketing” to distinguish it from “mass marketing.” Target marketing says that a marketing mix is tailored to fit some specific target customers. In contrast, mass marketing-the typical production-oriented approach-vaguely aims at “everyone” with the same marketing mix.
Detailed explanation-3: -Identifying and arranging the elements of its marketing mix allows a business to make profitable marketing decisions at every level. These decisions help a business: Develop its strengths and limit its weaknesses. Become more competitive and adaptable in its market.