What criteria should be considered when selecting a target
market?

Answers

Answer 1

When selecting a target market, several criteria should be considered to ensure effective marketing and business strategies. Here are some key criteria to evaluate: Market Size, Market Growth Rate, Competitive Landscape, Target Customer Profile, Customer Needs and Preferences, Market Accessibility, Profitability, Compatibility with Business Resources and Capabilities, Regulatory and Legal Considerations, Market Trends and Outlook.

Market Size: Assess the potential size of the target market in terms of the number of potential customers or the value of the market. A larger market size generally offers more opportunities for growth and profitability.

Market Growth Rate: Examine the growth rate of the target market. A rapidly growing market indicates higher demand and potential for expansion.

Competitive Landscape: Evaluate the level of competition in the target market. Analyze the number of competitors, their market share, and their strategies. A less crowded or underserved market may present better opportunities for market penetration.

Target Customer Profile: Define the characteristics, demographics, and psychographics of the target customers. Consider factors such as age, gender, income level, lifestyle, preferences, and behaviors. This helps tailor marketing messages and offerings effectively.

Customer Needs and Preferences: Understand the needs, preferences, and pain points of the target customers. Determine how your product or service can address those needs better than competitors.

Market Accessibility: Assess the ease of accessing and reaching the target market. Consider factors like geographical location, distribution channels, and the availability of marketing channels (online or offline).

Profitability: Evaluate the potential profitability of the target market. Analyze factors such as pricing dynamics, profit margins, cost structure, and potential return on investment.

Compatibility with Business Resources and Capabilities: Consider whether your business has the necessary resources, capabilities, and expertise to serve the target market effectively. Evaluate if your business can meet customer expectations and deliver value.

Regulatory and Legal Considerations: Understand the regulatory and legal environment relevant to the target market. Ensure compliance with laws and regulations that may impact your business operations and marketing strategies.

Market Trends and Outlook: Stay updated on market trends, technological advancements, and industry forecasts. Consider how these trends can impact the target market's future growth and opportunities.

By carefully evaluating these criteria, businesses can identify a target market that aligns with their goals, capabilities, and market potential, leading to more focused and effective marketing strategies.

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Related Questions

what are three primary reasons for asking others to review and comment on a presentation

Answers

To make sure they are good

Answer: to review content for accuracy, suggest improvements, or document feedback

Explanation:

i just took it

What is globalization?

Answers

Globalisation is the growing interconnectivity of the world through the use of trade, travel and media.

A study obtains data on per capita alcohol consumption and skin cancer rates for every county in New Mexico. The correlation based on this county data is 0.63. True or False. This provides a fair estimate of the strength of the association between alcohol consumption and skin cancer. True False

Answers

A study obtains data on per capita alcohol consumption and skin cancer rates for every county in New Mexico. The correlation based on this county data is 0.63. False

In this case, the obtained correlation between per capita alcohol consumption and skin cancer rates for every county in New Mexico is 0.63. But it is not completely appropriate to conclude that this correlation provides a fair estimate of the strength of the association between alcohol consumption and skin cancer because the correlation coefficient only provides information on the strength and direction of the association between the two variables. It does not indicate the causation of the relationship.

Therefore, we can't establish the strength of the association between alcohol consumption and skin cancer just by observing the correlation coefficient. Hence, we can say that the correlation coefficient provides a fair estimate of the strength of the association between alcohol consumption and skin cancer is False. Therefore, the correct answer is False.

In a nutshell, we can't establish the strength of the association between alcohol consumption and skin cancer just by observing the correlation coefficient. So, the obtained correlation between per capita alcohol consumption and skin cancer rates for every county in New Mexico is 0.63, which does not provide a fair estimate of the strength of the association between alcohol consumption and skin cancer.

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Sandra is hired by a sparkling water manufacturer. Her primary function at the company is transforming resources into goods and services. Sandra is involved in

Answers

Sandra is involved in production.

What is Production?

Production can be described as the process of transforming or converting resources into goods and services.

In any organization, the depart that is in charge of production is the production or operation department.

Therefore, Sandra is involved in production.

The reason is that the transformation of resources into goods and services is her key job role at the company.

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Jobs sights on the internet tend to be all alike. True or false?

Please help I’ll give Brainly to the best answer thanks!

Answers

Answer: True

Explanation:

when a business's output is sufficient to cover expenses, each additional unit of output generates

Answers

When a business's output is sufficient to cover expenses, each additional unit of output generates profit.

What Is Profit?

Profit is the amount of money a company gets by selling the goods or services they produce. This profit will be obtained by the company when the income from the company has exceeded all expenses by the company. This is because the business has already covered its fixed costs, such as rent and salaries, and any additional output will only have variable costs, such as materials and labor. Therefore, the additional output will generate more revenue than expenses, resulting in profit for the business.

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3. The owner of a specialty delicatessen buys baskets, decorates and fills them with food items, and
sells them as one of the products in the shop. The entrepreneur sells an average of 130 baskets a
month The basket supplier charges $0.50 per basket. The entrepreneur would like to reduce his
variable costs and has found a basket supplier who will charge only $0.40 per basket. How much
will the delicatessen owner save in a year by changing suppliers?

Answers

Answer:

$156

Explanation:

he old price per basket is $0.50 per basket

the new supplier has a price of $0.40 per basket

Savings per basket is $0.10 ($.50- $0.40)

The average sales per month are 130 baskets.

The average savings per months will be

=$0.10 x 130

=$13

yearly savings will be

=$13 x 12 months

=$156

Who wants to buy me?⊇·⊆

Answers

Answer:

how much

Explanation:

lol jk

When fire alarm sounds. Why should you evacuate children immediately even if you do not see flames?

Answers

Answer: because even if there is no fire there could be an explosion, fire and gasoline WILL make an explosion. So Basically it can start with fire but soon turn into an explosion. If it's a fire DRILL then it's for practice if that actually does happen.

_____ are items used to assist in producing other products and services.
Support products
Unsought products
Convenience products
Shopping products
Components

Answers

Components are items used to assist in producing other products and services. These are typically raw materials or parts that are combined with other components or materials to create a finished product.

Components can vary in complexity and size, ranging from small screws and bolts to large machinery parts or electronic circuits.
One of the key features of components is their role in the manufacturing process. They are essential for ensuring that products are produced efficiently and with a high level of quality. For example, a car manufacturer may require thousands of different components, including engines, transmissions, and wheels, to produce a single car.
In addition to their role in manufacturing, components can also have a significant impact on the performance and quality of the finished product. The choice of components can affect everything from the durability and reliability of a product to its overall functionality and aesthetics.
Overall, components are critical elements in the production of products and services. They play a vital role in ensuring that products are produced efficiently, with a high level of quality, and meet the needs of consumers.

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If you have money saved now that you intend to spend in 2 or more years, which type of savings account might be best?.

Answers

High yielding savings account might be best.

   High-yield savings accounts are a special kind of savings account that generally pay 20–25 times more than the average national rate on a conventional savings account.

People have typically kept their savings accounts at the same financial institution where they keep their checking accounts, making transfers between the two simple and swift. However, with the emergence of internet-only banks and established banks expanding their doors to customers nationwide via online account opening, the competition for savings rates has soared, giving rise to a new category of high-yield savings accounts.

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efforts such as pollution controls, taxes and regulation, and the enforcement of property rights and cleanliness standards can help minimize costs and move a market toward the efficient outcome.

Answers

Efforts such as pollution controls, taxes and regulation, and the enforcement of property rights and cleanliness standards can help minimize costs and move a market toward the efficient outcome by addressing market failures and externalities.

1. Pollution controls: By implementing regulations and standards on pollution emissions, such as setting limits on the amount of pollutants a company can release into the environment, the government can minimize negative externalities caused by pollution. This reduces the social costs associated with pollution and helps move the market toward an efficient outcome.

2. Taxes and regulation: Imposing taxes on activities that generate negative externalities, such as carbon taxes on greenhouse gas emissions, can discourage harmful behavior and incentivize companies to adopt cleaner technologies and practices. Additionally, regulations can set specific requirements and guidelines for industries to follow, ensuring that they operate in an environmentally sustainable manner.

3. Enforcement of property rights and cleanliness standards: Ensuring that property rights are protected and cleanliness standards are enforced helps create a level playing field and promotes fair competition in the market. When property rights are well-defined and enforced, it reduces the likelihood of pollution and other external costs being shifted onto others. Cleanliness standards help maintain a healthy and safe environment for all individuals involved in the market.

Overall, these efforts help internalize externalities, align private costs with social costs, and promote efficient resource allocation in the market. By minimizing costs associated with negative externalities, the market can operate more efficiently and achieve better outcomes for both producers and consumers.

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What is the solution to this equation x+15=28

Answers

Answer:

13

Explanation:

Trust me

evaluate the process used to determine credit scores do you think its fair why or why not
how do the five C's fit to determine of a credit score

Answers

Answer:

The five Cs of credit are character, capacity, capital, collateral, and conditions. ... as the Fair Isaac Corporation), a leading credit evaluation firm, uses the information ... good credit score and credit reports play in securing a loan, it's worth considering

Explanation:

Hope this helps. Also can u give me brainliest?

Depending on your age and the state you live in, you may have to obtain a work permit before you can legally work.


Please select the best answer from the choices provided

T
F

Answers

Answer: True ;)

Explanation:

Answer:

t

Explanation:

edge 2023

you'd like to see what your average revenue would be if you increased average prices by 10%. you forecast that your average quantity sold would decrease by 10% as a result of the price increase. what would be the new forecasted average revenue per item?

Answers

To calculate the new forecasted average revenue per item, we can use the following formula: New forecasted average revenue per item = Current average revenue per item * 1.1 * 0.9

What does this mean?

Here, 1.1 represents the 10% increase in average prices, and 0.9 represents the 10% decrease in average quantity sold.

For example, if the current average revenue per item is $50, the new forecasted average revenue per item would be:

New forecasted average revenue per item = $50 * 1.1 * 0.9

= $49.50

Therefore, the new forecasted average revenue per item would be $49.50 if the average prices were increased by 10% and the average quantity sold decreased by 10%.

Note that this is just an example.

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you'd like to see what your average revenue would be if you increased average prices by 10%. you forecast

What is the marginal revenue and marginal cost for this diagram?

What type of market is this? Explain your answer

What is the marginal revenue and marginal cost for this diagram?What type of market is this? Explain

Answers

Marginal revenue :

2060120200300420560

Marginal cost :

108210192640

It is a Monopolistic market structure because marginal revenue is greater than the marginal cost.

Marginal Revenue is the increase in the revenue by selling one extra product in the market. It is calculated by the Change in revenue divided by the change in output.

Marginal cost is the change in cost by producing one extra unit of output. It is calculated by a change in cost divided by the change in units.

Monopolistic market structure is where there are multiple companies producing similar products in the market.Example for monopolistic structure can be a grocery store.

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Kelsey noticed one of the new employees at her job is struggling with the amount work assigned to her. What can Kelsey do to support her co-worker?

a Complete the work for her co-worker.
b Offer to help her co-worker.
c Ignore her co-worker. It's none of her business.
d Document it, then tell her manager.

Answers

the Answer is A nzjJaabscwhdje by eg

urgent please help!!!!! The Accounts Receivable balance for Company at December​ 31, 2023​ was 29000 . During ​,2024 the company earned revenue of 462000 on account and collected 324000 on account. the company wrote off 6000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2​% of accounts receivable.



A. Assume the company had an unadjusted 2600 credit balance in Allowance for Bad Debts at ​31, . Journalize ​'s the company's December ​31, 2024 ​, adjustment to record bad debts expense using the​ percent-of-receivables method.



B. Assume the company had an unadjusted 1900 debit balance in Allowance for Bad Debts at December 31, 2024 . Journalize ​'s the company's December ​31, 2024 ​, adjustment to record bad debts expense using the​ percent-of-receivables method.

Answers

A) The journal entry using the percent-of-receivables method is as follows:

Debit Bad Debts Expense $6,620

Credit Allowance for Uncollectible accounts $6,620

B) The journal entry using the percent-of-receivables method is as follows:

Debit Bad Debts Expense $11,120

Credit Allowance for Uncollectible accounts $11,120

What is the percent-of-receivable method?

The percent-of-receivable method is one of the methods for making allowances for uncollectible accounts.  Other methods include using an estimated percentage of the sales revenue and aging the accounts receivable

This method uses an estimated percentage of the receivables at the end of the financial period to compute the ending allowance for uncollectible accounts.

Data and Calculations:

December 31, 2023:

Accounts receivable

Beginning balance = $29,000

Revenue for 2024 =  462,000

Cash collected =      (324,000)

Accounts written off = (6,000)

Ending balance        $161,000

Allowance for uncollecdtible accounts = 2% or $3,220 ($161,000 x 2%)

A) Allowance for uncollectible accounts:

Beginning balance = $2,600 (credit)

Accounts written off   (6,000)

Ending balance           (3,220)

Bad debts expense = $6,620

Transaction analysis

Bad Debts Expense $6,620 Allowance for Uncollectible accounts $6,620

B) Allowance for uncollectible accounts:

Beginning balance = ($1,900)

Accounts written off   (6,000)

Ending balance           (3,220)

Bad debts expense = $11,120

Transaction Analysis

Bad Debts Expense $11,120 Allowance for Uncollectible accounts $11,120

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The fact that more than one type of economic system exists in the world today is attributable MAINLY to the fact that

(A) there are numerous countries in the world
(B) people of different countries have different religious and political
ideologies
(C) each system is modeled to cope
with a different type of economic
problem
(D) different methods can be used to solve the same economic problem​

Answers

Answer:

C

Explanation:

Different economic systems were created in the past to solve different issues/problems in separate conditions from other countries

Brianna is an intern working for a Mississippi state senator. She helps the senator draft new laws that will affect citizens in the whole state. Brianna's job falls into the _____ pathway of the Government and Public Administration cluster.

Governance


National Security


Foreign Service


Planning

Answers

Brianna's work falls within the governance path of the government and public administration cluster.

What is governance?

It corresponds to the set of individuals, whether they are elected political representatives or workers involved in the area, whose central function is the development and execution of public policies, which are capable of directly affecting the lives of individuals.

Therefore, governance is an essential way for politics to understand the needs of individuals through the elaboration of public policies that protect their rights and increase the quality of life.

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Which of the following is a benefit of EFT
A. Limited access
B. Accessibility
C. Difficulty
D. Cost

Answers

Answer:

cost hope this helps and maybe brainliest

A disadvantage to joining a family business is that _____.

Answers

Answer: Disadvantages of Running a Family Business – Discussed! All is not well with family business. Family members hold the impression that the family business will continue to earn profit and, thus, ensure receipt of cash and other benefits on a recurring basis.

Explanation:

Answer:

B) family relationship may be negatively affected

Explanation:

took a quiz on edg. :D

an employee can be dismissed if their job surplus to requirements' outline why this state ment is false

Answers

Hiring labour is different from buying other goods and services, and the contract between the employer and the employee is incomplete. It does not cover what the employer really cares about, which is how hard and well the employee works.

W Ell Inc. makes tires at a rate of 15,000 per week. It has three treaders, each with a capacity of 6,000 tires per week. It has enough rubber on hand to produce 30,000 tires. Ell employs 60 people on two shifts and does all its own shipping via 10 delivery trucks. Which is a lumpy asset for Ell? O a the rubber inventory O the delivery trucks O the employees O the treaders

Answers

The rubber inventory, Option a is Correct. A lumpy asset is an asset that is not easily converted into cash or does not generate cash evenly over time.

In the case of W Ell Inc., the rubber inventory is a lumpy asset because it is not easily convertible into cash and does not generate cash evenly over time. The rubber inventory is needed to produce tires, but it cannot be sold for cash. It is only useful when combined with the treaders, and even then, it can only be used to produce a limited number of tires before it needs to be replenished. This means that the rubber inventory is not a liquid asset and cannot be easily converted into cash to meet short-term financial needs.

In contrast, the delivery trucks, employees, and treaders are all more liquid assets because they can be easily converted into cash or generate cash evenly over time. The delivery trucks can be used to transport finished goods to customers, generating revenue in the process.

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If the wage of a worker in a coffee shop is $150/ day and his or her value of the marginal product of labor (VMPL) is $200/day, the firm A benefits by stopping at this level of labor. B is likely to lay off the worker. C asks this worker to work overtime. D is likely to benefit by hiring more workers. E is likely to lose profit by hiring more workers.

Answers

If the wage of a worker in a coffee shop is $150/ day and his or her value of the marginal product of labor (VMPL) is $200/day, the firm is likely to benefit by hiring more workers. So, the correct answer is D).

The value of the marginal product of labor (VMPL) is the additional value that a worker generates for a firm through their labor. In this case, if the wage of the worker is $150/day and their VMPL is $200/day, it means that the worker is generating $50/day in additional value for the firm ($200 - $150 = $50).

Therefore, the firm is likely to benefit from hiring more workers as long as the VMPL of each additional worker exceeds their wage. This is because each additional worker will generate more value for the firm than the cost of their wage.

Option D is the correct answer as it suggests that the firm is likely to benefit from hiring more workers.

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A safety equipment salesperson calling on a prospect for the first time should try to schedule an appointment with the focus of _____, a person who will listen to the salesperson and provide valuable information about the types of equipment that the company needs.

Answers

Answer:

receptivity

Explanation:

When dealing with business to business sales, a salesperson has to focus on contacting the right person in the company that will be open and interested on what he/she is offering and that has the knowledge and will be able to give information about the needs they have so the salesperson can offer what the right solution and provide value to them to have the opportunity to close a sale. According to this, the answer is that a safety equipment salesperson calling on a prospect for the first time should try to schedule an appointment with the focus of receptivity which refers to be willing to receive information that is what the salesperson needs from the prospect.

Project Schedule Background This exercise continues your student project. The scenario is that you work for the fictitious company: Bear Claw Corporation. You are a project manager assigned to a new project. You are in the defining and planning phases and tasked to produce the project planning documents. This exercise continues exercise 6.1 and creates the project schedule. Directions Produce a project schedule by adding contingency into the network diagram. First, insert contingency (dummy tasks) along the critical path such as at merge and burst points. Recalculate the critical path and project completion. Second, organize or export the schedule information into a table with the following eight columns of information. • Task number • Task name • Duration • Predecessor • Early start TCM 701 2 • Early finish • Float • Critical path indication

Answers

To produce a project schedule, contingency tasks should be added to the network diagram along the critical path. The schedule should then be organized into a table with task details, durations, predecessors, and critical path indications.

Project Schedule Background: Contingency must be added to the network diagram for producing a project schedule.

Firstly, contingency tasks (dummy tasks) should be inserted along the critical path such as at merge and burst points. The critical path and project completion should be recalculated.

Second, the schedule information should be organized or exported into a table with the following eight columns of information:

Task number Task nameDurationPredecessorEarly startEarly finishFloatCritical path indication.

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Think of a situation that you witnessed regarding communication in an organizational change situation. Identify the elements of gender, power emotion language amd media choice that were used in the situation. Using concepts from our texts, what made ea h element effective or ineffective brainly

Answers

The correct answer to this open question is the following.

Unfortunately, you did not attach the texts you read or some excerpts to know what they talk about.

However, trying to help you, we can comment on the following.

The situation that I witnessed regarding communication in an organizational change situation was in the company where my father worked.

This company tried to promote a more inclusive workplace, hiring people from different backgrounds of life, ethnicities, races, and nationalities. The  Communications Department made a good effort to be inclusive to inform the employees, inviting them to express themselves openly because the managers also wanted people to be confident to make their voices heard.

They used proper and formal language. They wanted people to be welcome to express their concerns.

As I mentioned before, this was a Communication program to let employees know that the company was changing for good. More diversity and more openness, as well as inclusion.  

As far as I'm concerned, the program was successful in that employees really felt that managers were honest in the effort.

What is the best reason for homebuyers to create a budget before taking out a mortgage?

to compare the value of their home with that of their neighbors
to plan how to pay off the money they have borrowed
to set aside enough money to refinance the loan
to figure out how long they can stay in their home

Answers

The best reason for homebuyers to create a budget before taking out a mortgage is to : Plan how to pay off the money they have borrowed.

What is a mortgage?

A mortgage is an agreement(legal) between a bank and the buyer in which the bank lends money to the buyer to purchase a house.

When a buyer takes a mortgage, the buyer agrees to pay back the money in full with an agreed interest rate, at a stipulated time.

Types of actions that can be taken with a mortgage are :

Purchase a homeMaintain a homeMaintain other types of real estate

Therefore, the best reason for homebuyers to create a budget before taking out a mortgage is to plan how to pay off the money they have borrowed.

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Answer:

b

Explanation:

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from A White House Diary 3 roles Florida played in Civil War what impact did the continual trade with Europeans have on native American communities? Mention two provisions (mechanisms) that ensures that the investment of shareholders are protected. Explain the purpose of each Now, lets rewrite our point-slope equation in slope-intercept form.y6=2(x+2)y6= x4y=2x+2Is this the same equation we got when we wrote it in slope-intercept form earlier? YES!Any equation written in point-slope form can be rewritten in slope-intercept form and most of the time, we will rewrite them. Slope-intercept form is the most popular and used form of linear functions/equations. In Slope-intercept form, all like terms have been combined, therefore it is in simplified form. Remember that we always want the most simplified answer possible, unless otherwise directed! Choose Yes or No to tell if the fraction 49 will make each equation true.63=28Choose...25=14Choose... in which step of the sales process are salespeople at first flavor if they try to gather information on a customer and assess whether they might be interested in buying their product? presentation prospecting or qualifying closing approach preapproach What tool do geneticists use to determine the mathematical probability of the potential combinations of genotypes that can occur in offspring, given the genotypes of the parents?. You are graduating from college at the end of this semester and have decided to invest $ at the end of each year into a Roth IRA (a retirement investment account that grows tax free and is not taxed when it is liquidated) for the next years. If you earn percent compounded annually on your investment of $ at the end of each year, how much will you have when you retire in years? How much will you have if you wait 10 years before beginning to save and only make payments into your retirement account? If the height of a parallelogram is 64.3 m and the base is 4.3m, what is the area of the parallelogram? Can somebody help me with my Pickleball quiz? Please answer it with honest answers because I need to get a good grade! And take your time and use your research if you need too. Which of the following is likely to be associated with a lower acid level in soil? How to translate the number of people increased by 13 into an algebraic expression hello please help ill give brainliest Interesting facts about bacteria and viruses 1st two answer gets the Brainliest. :) Graph the linear function.f(x) = 3x + 4 What is the main idea of this text? the united states has brought peace and liberty to the philippines. the people of the philippines now enjoy the benefit of the american economy. the united states should let the people of the philippines rule themselves. a painter is paid 8 dollars per hour and can paint with a roller in this time. renting a spray gun costs 5 dollars for each hour of use (spraying and cleanup), and the painter can paint per hour with the spray gun. it takes 1/2 an hour for the painter to clean up after using the roller, but 1 hour using the spray gun. you must pay the painter for her time and you must also pay for renting the spray gun for the total amount of time (including cleanup) the spray gun was needed. how much money do you save by using the spray gun on a paint job that involves painting . when sea ice forms, the surface water beneath the ice becomes less dense.T/F? which of the following pairs are complementary angles? 1) 45 and 145 2) 20 and 70 3) 42 and 38 4) 72 and 118