Explain the Steps a Business Leader Takes When Developing a Marketing

question 146

Essay

Explain the steps a business leader takes when developing a marketing strategy. The following terms should be included: marketing plan, target market, market segmentation, marketing mix, and environmental scanning.

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Definitions:

Normal Standards

Generally accepted benchmarks or criteria within a specific industry or area of business against which processes, products, or activities are measured.

Standard Cost

A predetermined cost of manufacturing, selling, or operating a product or service.

Price Factor

A multiplier used to adjust prices, often in the context of indexation or currency conversion.

Standard Cost

A preset cost for a product under normal conditions, used as a benchmark against actual costs.