The Texan BBQ Brand Corp

question 123

Multiple Choice

The Texan BBQ Brand Corp. has conducted a SWOT analysis of its competition and sees a marketing opportunity for its new Texan BBQ restaurant. It has developed its marketing plan to include the type of products it will sell, the location for the restaurant, and the pricing it will use. Their plan includes a marketing objective to make a profit of 5% the first year of operation. So far, the owners of the restaurant have eliminated a key piece of the marketing plan, which is

• A)specifying how they will achieve their marketing objective
• B)how they will address the competition's prices
• C)coming up with a quantitative measure for their objective
• D)developing a qualitative measure for their objective
• E)assessing their weaknesses

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, resulting in market stability.

Output

The total amount of goods or services produced by a business, industry, or economy.

Economic Efficiency

A situation where resources are utilized in the most optimal manner, producing the desired output with minimum waste or expense.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive.