Once a company has identified its target market, what benefit is derived from researching and studying the demographic information about them?

Answer the following questions below. (No sources required)

1.) Once a company has identified its target market, what benefit is derived from researching and studying the demographic information about them?

2.) Once a company has identified its target market, what benefit is derived from researching and studying the psychographic/behavioral information about them?

3.) What is the benefit that can be derived from studying the macro-environmental factors?

4.) Discuss the importance of understanding customer value perceptions and company costs when setting prices.

5.) What are the internal and external factors that can impact a company’s pricing strategy? What is the value of being aware of these factors?

6.) The five promotional tools are advertising, personal sales, sales promotion, public relations, and direct marketing. Discuss the factors that must be considered in shaping the overall promotional mix of a company.

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