Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1)__________; (2)specific customers' needs,wants,and preferences; and (3)what the product will be and do to satisfy consumers.
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 essential for a firm to know who their potential customers are and what their needs and preferences are before developing a new product. This can help ensure that the product will meet the needs of the target market and increase the likelihood of success in the market. Choices (A), (B), (C), and (E) may also be important considerations in product development, but they are not as critical as having a clear target market.

Ideally,before a New Product Is Developed,a Firm Should Have a Precise