Question

The Guardian Express, a community newspaper, has identified a potential new customer segment for its product. What next step should it take to validate that the new market is large enough to pay for the targeted marketing campaign and grow its circulation and revenues?

Answer 1

Answer: Market Research

Explanation:

Market Research is an in depth analysis carried out by entrepreneurs to gain better knowledge on their existing, and potential/target customers.

In the case of Guardian Express, after identifying a new customer segment, it has to conduct an in depth market analysis using surveys to ascertain how large this potential market is. This will save the business funds that might be spent in advertising and campaigns.