INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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locate the product in a store.
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learn the product’s features.
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make sure the product is on sale.
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be willing to buy the product.
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Detailed explanation-1: -A market segment is one of the groups into which the total market is divided. Be willing to buy the product. When customers buy a product, they must first have the need or desire, the resources, and the willingness to buy the product.
Detailed explanation-2: -Demographic, psychographic, geographic, and behavioral are the four pillars of market segmentation, but consider using these four extra types to enhance your marketing efforts.
Detailed explanation-3: -A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.
Detailed explanation-4: -The process of market segmentation consists of 5 steps: 1) group potential buyers into segments; 2) group products into categories; 3) develop market-product grid and estimate market sizes; 4) select target markets; and 5) take marketing actions to reach target markets.
Detailed explanation-5: -Accessible. Differentiable. Actionable. Measurable. Substantial. 25-Jan-2023