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

Question

Quizplus · Accepted Answer

Before developing a new product or service, it is important for a firm to have a precise protocol that includes identifying the specific needs, wants, and preferences of the target market. This ensures that the product or service will meet the needs of consumers and be successful in the market. While options A, C, D, and E are also important considerations, they do not directly address the specific needs of the target market.

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