Identifying Marketing Opportunities and Potential Problems Confronting the Organization Is

question 29

Multiple Choice

Identifying marketing opportunities and potential problems confronting the organization is known as

• A) strategic planning.
• B) situation analysis.
• C) target marketing.
• D) market segmentation.

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Definitions:

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Elastic the Supply Curve

Describes a situation where the supply of a good or service changes significantly in response to changes in price.

Normal Good

A good for which demand increases as the income of consumers increase, holding other factors constant.

Inferior Good

A type of good for which demand decreases as the income of individuals increases, inverse to typical goods.