The Actions Taken in the Development of the Marketing Program

question 127

Multiple Choice

The actions taken in the development of the marketing program, Step 3 of the planning phase, include

• A) selecting target markets.
• B) identifying industry trends.
• C) positioning the product.
• D) finding points of difference.
• E) developing the budget by estimating revenues, expenses, and profits.

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Definitions:

Purely Competitive

A market structure characterized by a large number of sellers offering identical products, where no single seller can influence the market price.

Least-Cost Rate

An economic principle that emphasizes minimizing production or operation costs while achieving a specific output level.

Average Total Cost

The total cost of production divided by the total quantity produced, indicating the cost per unit of output.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the true profitability of a firm.