Ideally, before a new product or service 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 or service 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

The statement is referring to a protocol that a firm should have before developing a new product or service. The protocol should include a well-defined target market, specific customers' needs, wants, and preferences, and what the product or service will be and do to satisfy consumers. Option A, B, C, and E are not the main components of this protocol.

Ideally, Before a New Product or Service Is Developed, a Firm