Before a new product or service is developed, a firm should have a precise protocol, a statement that includes which of these?
A) a clear plan for product distribution
B) an analysis of potential competitors' products
C) a precise budget of how much can be spent for the marketing program
D) a well-defined target market
E) clear financial goals and expectations

Question

Quizplus · Accepted Answer

A well-defined target market is crucial for developing a new product or service, as it helps the firm understand who the product is for and tailor the development and marketing efforts accordingly.

Before a New Product or Service Is Developed, a Firm