How does the target market you select affect setting prices

How does the target market you select affect setting prices for products?

Solution

Doing the market research is essential to getting to know your customer or target market. This market research can explore the market and segment potentialcustomers by demographics, buying behaviors, price sensitivity, status, conveniencecentered, etc.After the time and money has been spent on the proper marketresearch, then a business has the data to convert into valuable information. Theinformation about which segment is being targeted can assist to price accordingly