GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Companies will develop new products to meet a need that has not yet been met or to compete with another company.)
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It helps a company to the how to sell the right product at the right price, at the right place and at the right time most effectively
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So that the business can focus the marketing efforts in a cost effective and efficient manner
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None of the above
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Detailed explanation-1: -Why have a target market? For your business to thrive you need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service. This is a much more effective and affordable way to reach your customers and generate business.
Detailed explanation-2: -Understanding your market-both your customers and your competitors – is essential if you’re going to build a successful business. Finding out what your customers really want will help you improve your products and services to meet their needs.
Detailed explanation-3: -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.
Detailed explanation-4: -Identifying your audience allows your business to focus marketing efforts and dollars on the groups that are most likely to buy from you. That way, you are generating business leads in an efficient, affordable manner.