Ideally,before a new product is developed,a firm should have a precise protocol,which is a statement that identifies: (1)a well-defined target market; (2)specific customers' needs,wants,and preferences; and (3)__________.
A) what the product will be and do to satisfy consumers
B) a clear plan for product distribution
C) clear financial goals and expectations
D) an analysis of potential competitors' products
E) a precise budget of how much can be spent for the marketing program

Question

Quizplus · Accepted Answer

The third component that should be identified in a precise protocol before developing a new product is what the product will be and do to satisfy consumers. This includes the features, benefits, and value proposition that the product offers to meet the specific needs, wants, and preferences of the target market and customers. The other options may also be important considerations, but they are not as essential as having a clear understanding of the product's intended value and benefits for consumers.

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