Before a new product or service is developed, a firm should have a precise protocol, a statement that includes which of the following?
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 precise protocol should include a well-defined target market to ensure the product or service is developed to meet the needs and preferences of the intended audience.

Before a New Product or Service Is Developed, a Firm