An Essential Part of Marketing Strategy Is Target Market Strategy

question 141

Essay

An essential part of marketing strategy is target market strategy.Selection of target market(s)drives marketing objectives and selection of the marketing mix (the four Ps).What are the three general strategies for selecting target markets?

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Definitions:

Accounting Profits

The net income a company has after subtracting all costs and expenses from total revenue, as recognized in financial statements.

Opportunity Cost

The value of the next best alternative that is foregone as a result of making a particular decision.

Accounting Profits

The total revenues of a business minus the explicit costs, essentially the net income on the financial statements.

Total Revenue

The total income received by a firm from its sales of goods or services, calculated as the quantity sold multiplied by the selling price.