When identifying a company's market, managers need to avoid the mistake of:
A) finding out what customers need.
B) thinking of a market as a group of customers with similar needs who will exchange money for goods and services that meet those needs.
C) trying to identify specific target markets within a general market.
D) describing their markets solely in terms of the products they sell.
E) thinking of the issue from the customer's point of view.

Question

Quizplus · Accepted Answer

Describing a market solely in terms of the products a company sells is a mistake because it does not take into account the unique needs and preferences of different customer segments. Market identification should be focused on the customers and their needs, rather than just the product.

When Identifying a Company's Market, Managers Need to Avoid the Mistake