What is a market, and how is a marketing strategy developed?
What will be an ideal response?
A market is a group of people who have the ability, willingness, and authority to purchase a product. It is important for an organization to determine its target market, which is the group of customers to which an organization directs its marketing activities. The next step, after determining your target market is to determine your marketing mix. A marketing mix is the combination of price, promotion, product, and distribution by which an organization reaches its target market.
You might also like to view...
Backflush costing aims at reducing waste in the
a. accounting system. b. cost of goods sold. c. storage of raw materials. d. production process.
The cost to defend a patent successfully should be expensed in the period incurred
Indicate whether the statement is true or false
Revenues always increase equity.
Answer the following statement true (T) or false (F)
Which among the following is NOT a reason for increasing the number of sales calls?
A. Increase in servicing requirements B. Increase of cost of goods sold C. Increase of orders placed D. Increase of product lines sold E. Increase of potential future sales