Business, 16.10.2019 05:20 elizabethprasad2

Ideally, before a new product or service is developed, a firm should have a precise protocol, which is a statement that identifies: (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) question 3 options: 1) what the product or service will be and do to satisfy consumers 2) a clear plan for distribution 3) clear financial goals and expectations 4) an analysis of potential competitors' products or services 5) a precise budget of how much can be spent for the marketing program.

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