Which Step Comes First in Developing a Marketing Strategy

question 17

Multiple Choice

Which step comes first in developing a marketing strategy?

• A)analyzing firm performance
• B)identifying and evaluating market opportunities
• C)selecting target markets
• D)planning and implementing a marketing mix

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Definitions:

Equate Price

The action of setting two or more goods or services to have the same price.

Marginal Cost

The outlay involved in the creation of an additional unit of a good or service.

Pareto Efficient

An economic state where resources are allocated in a way that it is impossible to make any one individual better off without making at least one individual worse off.

Efficiency

A measure of how well resources are used to achieve a goal, maximizing output from given inputs without waste.