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A year ago
What is a target market? Briefly explain how a well-defined target market is important to a company.
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Business Essentials, Canadian Edition
Edition: 8th
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A year ago
A target market is any group of people who have similar wants and needs and may be expected to show interest in the same product(s). Identifying target markets is important because:
- it helps focus a company's marketing mix (product characteristics, pricing, promotion, and place)
- it gives information on consumer buying traits
- it helps marketing managers focus on the big picture, and not on an individual basis
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