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WAEC SSCE - Commerce - 2005 (Objective)

Question 1 Report

Which of the following would be necessary before the introduction of a new product?
Answer Details
Before introducing a new product, market research would be necessary. Market research is the process of gathering and analyzing information about a market, including its customers and competitors. This information is used to determine the feasibility of introducing a new product and to make informed decisions about its design, pricing, promotion, and distribution. Market research involves various methods such as surveys, focus groups, and analysis of sales data to gather insights into customer needs, preferences, and behavior. This information can then be used to determine the target market, product differentiation, and market segmentation. Once these factors have been identified, target marketing can be used to create a marketing strategy that will effectively reach the desired audience and promote the new product.
Read lesson note on Trade (WAEC)
Read lesson note on Elements Of Marketing (JAMB)
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