If an Organization Was Very Strong at Defining Target Markets

question 21

Essay

If an organization was very strong at defining target markets and prospecting for new customers, which of the core business processes would this organization have mastered?

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Definitions:

Price Elasticity

A measure indicating the extent to which the demand for a merchandise changes following a price adjustment.

Short Run

A period in economics during which at least one input is fixed and cannot be changed by the firm.

Long Run

A period in which all factors of production and costs are variable and companies can enter or exit an industry.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.