Which Is the First Step in Developing a Marketing Plan

question 138

Multiple Choice

Which is the first step in developing a marketing plan?

• A)Perform a situation analysis
• B)Select a target market and target segment
• C)Monitor and control marketing strategies
• D)Set marketing objectives
• E)Develop marketing mix strategies

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Definitions:

Breaking Even

The situation in which a firm is earning exactly a normal rate of return.

Economic Profit

This refers to the surplus remaining after subtracting both visible and hidden costs from total revenues, highlighting a firm's genuine financial gain.

Annual Profit

Annual profit refers to the total profit a business earns over the course of a fiscal year, accounting for all revenues minus expenses during that period.

Variable Costs

Costs that vary directly with the level of production or service activity, such as materials and labor.