The Third Step in the Marketing Process Is

question 40

Multiple Choice

The third step in the marketing process is

• A) creating customer value.
• B) reviewing customer segments.
• C) delivering customer value.
• D) managing customer value.
• E) understanding customer needs.

---

Definitions:

Income Elasticity

A measure of how the demand for a good or service changes relative to a change in consumers' income.

Normal Good

A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.

Inferior

A term used in economics to describe goods whose demand decreases as the income of the consumer increases, contrasted with normal goods.

Input Costs

Input costs are the prices of the raw materials, labor, and other resources required to produce a good or service.