Question

The first of two major components of developing a marketing strategy is to _______. a. select a target market b. determine a segmentation strategy c. perform sales analyses d. perform a business analysis e. develop a product

Answer 1

Answer:The first of two major components of developing a marketing strategy is to select a target market.

Explanation: After determining business products and services the business needs to identify the target market. Identifying the target market is the major step in developing a marketing strategy.

Steps to select a target market

1. Target market is actually those customers whom we want to sell our products.Concentrating on target market will make it easier to sell our products.
2. Customers can be targeted on the basis of age,gender,income,occupation,educational level.
3. Look at the competition that exist .Identify those areas that have been overlooked by our competitors.
4. If business is already existing than identify those products and services which are bought by current customers and the benefits that they are getting from it.
5. Finally target those customers who actually need your products and services.