Which of the Following Is the First Step in Developing

question 5

Multiple Choice

Which of the following is the first step 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 that will provide value to customers and meet organizational objectives

---

Definitions:

Price Elasticity

Price elasticity measures how the quantity demanded of a good is affected by a change in its price, with high elasticity indicating sensitivity to price changes.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period.

Elastic

Describes a situation where the quantity demanded or supplied of a good is sensitive to changes in its price.

Current Margin

The existing difference between a company's sales and its variable costs, indicating the portion of sales revenue that covers fixed costs and profits.