Question

Henrietta has completed most of her business plan for her new business. She is now developing a marketing strategy. This will consist of the selection and analysis of a target market and ________?

1) pricing strategy
2) product development
3) advertising campaign
4) sales forecast

Answer 1

After analyzing the target market, Henrietta's next step in developing her marketing strategy should be to establish a pricing strategy, which will set the product or service's price in relation to market conditions and consumer value perception.

Step-by-step explanation:

When Henrietta is developing her marketing strategy, which consists of the selection and analysis of a target market, the next step would be to integrate a pricing strategy. A pricing strategy is crucial because it determines how a product or service is priced in relation to the overall market, competition, and the perceived value by consumers.

The other options, such as product development, advertising campaign, and sales forecast are also important components of a business plan but they are distinct elements that come into play either before or after the pricing strategy is developed.