Which step comes first in developing a marketing strategy?

Question

Quizplus · Accepted Answer

Identifying and evaluating market opportunities typically comes first in developing a marketing strategy. This is because it involves researching and analyzing the market to identify potential customer needs and wants, as well as areas where the company can differentiate itself from competitors. Once this information is gathered, the company can then choose which target markets to focus on and develop a marketing mix to meet the identified needs and wants of those markets. Analyzing firm performance and planning and implementing a marketing mix typically come later in the process.

Which Step Comes First in Developing a Marketing Strategy