Which of the following is one of the fundamental steps in the marketing strategy process on which a retailer bases its key decisions

Question

Business

Esteban Cooke

4 April, 00:52

Which of the following is one of the fundamental steps in the marketing strategy process on which a retailer bases its key decisions

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Answers (1)

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Orlando Duncan · Answer 1

The options are given below:

a. Selecting a target market

b. Stipulating a minimum profit margin

c. Determining the stores location and atmosphere

d. Determining the method of inventory management

The correct option is A.

Explanation:

A target market refers to the specific group of people that you want to reach with your marketing message. They are the people who are most likely to buy your products or services, and they share some common characteristics, for example demographics and behaviors.

For the retailer, choosing a target market is very important because this enables them to direct their resources to those customers with high potential for patronage, interest in the product and loyalty to the brand.