The Actions Taken During the Evaluation Phase of the Strategic

question 251

Multiple Choice

The actions taken during the evaluation phase of the strategic marketing process include (1) __________ and (2) correct negative deviations and exploit positive ones.

• A)find points of difference
• B)execute the marketing program
• C)compare results with plans to identify deviations
• D)track sales and revenues and compare with competitors
• E)develop the budget by estimating revenues, expenses, and profits

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, thereby factoring in opportunity costs.

Normal Profit

The level of profit that is necessary for a company to remain competitive in the market, often considered as the minimum return required to cover opportunity costs.

Mass Customisation

A manufacturing and marketing strategy that combines mass production efficiency with personalized customization to meet individual customer preferences.

Continuous-Process Production

Raw materials are continuously transformed by an automated system.