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Defining the MarketThe market means consumers. Markets are people – individual and organizationalbuyers. Defining a market is a matter of identifying the number andcharacteristics of potential buyers. It is a process called market and consumersegmentation, which means dividing the market into groups that are likely torespond to different marketing appeals. Methods for segmenting consumershave changed dramatically over the past decade, with the appearance of evermore sophisticated means for data collection, analysis, and retrieval, includingthe micro-targeting mentioned earlier. Media companies sell contentlocally, regionally, nationally, and globally. Their chances of success are greatlyincreased the more they understand the market and the characteristics of theirpotential consumers.
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