Ideally, before a new product is developed, a firm should have a precise protocol, which is a statement that identifies: (1) what the product will be and do to satisfy consumers; (2) specific customers' needs, wants, and preferences; and (3) __________.
A a clear marketing plan
B clear financial goals and expectations
C a well-defined target market
D a comprehensive SWOT analysis
E a precise budget of how much can be spent for a
F new offering's marketing program
Answer: C a well-defined target market