What Is the Third Step in the Marketing Planning Process

question 44

Multiple Choice

What is the third step in the marketing planning process?

• A)define the business mission
• B)identify and evaluate opportunities
• C)evaluate using a matrix
• D)implement marketing mix and allocate resources
• E)perform situation analysis

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Definitions:

Market Quantity Supplied

The total amount of a specific good or service that is available for purchase in a market at a given price.

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the total quantity of the good supplied by all suppliers at each price level.

Market Demand Curve

A graph showing the relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to purchase at various prices.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market balance.