The First Step in the Marketing Process Is to ________

question 91

Multiple Choice

The first step in the marketing process is to ________.

• A)conduct market research
• B)identify an unfilled market need
• C)determine costs in relation to potential benefits of the product
• D)establish brand recognition

Identify the concepts of market failure including externalities, monopolies, and public goods.

Recognize the historical and theoretical background of key economic theories and figures such as Karl Marx and Adam Smith.

Appreciate the importance and function of competition in market economies.

Learn about the economic transition experiences of countries such as Russia and China from planned to market economies.

---

Definitions:

Influence Learning

Refers to the process by which individuals alter their behavior, attitudes, or knowledge based on observed behaviors of others or by being in their presence, often linked to social or observational learning.

Variable-Ratio Schedule

A type of reinforcement schedule in which a response is reinforced after an unpredictable number of responses, promoting high and steady response rates.

Fixed-Ratio Schedule

A reinforcement strategy in behaviorism where a response is reinforced only after a specified number of responses.

Reinforcement

In behavioral psychology, a process by which a behavior becomes more likely to occur because it is followed by a reward or the removal of an unpleasant stimulus.