Upon completion of this chapter students will be able to:
- explain how to determine whether the demand for a good or service exists
- identify and use the three forms of marketing research (exploratory, specific, causal)
- understand the Four Ps of Marketing (product, place, price, promotion)
- describe how and why target markets, market segments, and life cycles need to be identified
- describe the characteristics (demographic, geographic, socioeconomic, psychographic, etc.) of potential target markets
- analyze the impact of competition on a new product or service
- use the profit formula to predict profits