Question

which is a better marketing target?
niche market
broad market
question 4
what is the best way to upgrade your product to justify a higher price?
think about your goals
survey your niche
go with your gut
ask for product feedback from as many people as possible
question 5
how would you decide what is the best marketing promotion strategy for your product?
hire a talented and creative salesperson
guess, track, evaluate data, repeat
study leading businesses in your industry
clearly define your target market

Explanation:

• Niche market: A niche market is a segment of the market that is defined by its own unique needs, preferences, or identity that makes it different from the market at large. Targeting a niche market can be more effective as it allows for more focused marketing efforts, better understanding of customer needs, and often less competition compared to a broad market.
• Survey your niche: To upgrade a product to justify a higher price, surveying your niche (the specific target group for your product) is crucial. This helps in understanding their specific needs, pain - points, and what additional features or improvements they would value, which can then be used to enhance the product.
• Clearly define your target market: Defining the target market is fundamental in deciding the best marketing promotion strategy. Different target markets have different communication styles, media consumption habits, and values. By clearly defining the target market, you can tailor the promotion strategy (such as choosing the right channels, messaging, and offers) to effectively reach and persuade them.

Answer:

• For the first question: niche market
• For the second question: survey your niche
• For the third question: clearly define your target market