ENTREPRENEURSHIP

Detailed explanation-1: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.

Detailed explanation-2: -Space, location, and cost. What kinds of things should a business keep in mind when looking for facilities? A link for feedback on a website, a card inviting people to take an online survey, and comment cards available at the front desk.

Detailed explanation-3: -When making a business decision between several options, what are you determining you estimate the opportunity cost? The benefits missed when choosing one option over another.

Detailed explanation-4: -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.