5 Questions
What is market selection and why is it important?
Market selection is the process of deciding which markets to invest in and pursue. It is important because it helps determine the growth potential of a market and aligns with the company's marketing objectives.
What are the major criteria to consider during market selection?
The major criteria to consider during market selection are the growth potential of the market, marketing objectives, and parameters other than growth potential like market size.
What are the steps involved in the market selection process?
The steps involved in the market selection process are: 1. Determine the objectives or goals of market selection 2. Determine the parameters to be used for market selection 3. Do a preliminary screening of the market 4. Do a detailed investigation of this screening and shortlist the best fit 5. Evaluate the shortlisted markets and select one or two.
What is the role of growth potential in market selection?
Growth potential helps determine the potential for a company's revenue to grow by investing in a particular market.
Why is it important to consider parameters other than growth potential in market selection?
It is important to consider parameters other than growth potential, such as market size, to make a well-rounded decision during market selection.
Test your knowledge on market selection with this quiz! Explore the key criteria to consider when deciding which markets to invest in and pursue. Assess your understanding of growth potential, marketing objectives, and other factors that play a crucial role in effective market selection.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
