Which of the following are part of the external market environment?
There are four areas of the external market environment: technological, economic, cultural and social, and political and legal.
Is measured by comparing income to the relative cost?
Increased standards of living are a function of purchasing power, which is measured by comparing income to the relative cost of a set standard of goods and services in different geographic areas. 13.
What is the managerial process of creating and maintaining a fit between an organization’s objectives and resources and the evolving market opportunities?
The managerial process of creating and maintaining a fit between an organization’s objectives and resources and the evolving market opportunities is called: strategic planning.
Is aimed primarily at children’s products which are defined as those used by individuals 12 years old or younger?
(a) Definition of “Children’s Product” – (1) Under section 3(a)(2) of the Consumer Product Safety Act (CPSA), a children’s product means a consumer product designed or intended primarily for children 12 years of age or younger.
What are the six external environmental factors?
We can organize the external forces that affect business into the following six categories:
- Economic environment.
- Legal environment.
- Competitive environment.
- Technological environment.
- Social environment.
- Global environment.
What is the external environment of marketing?
A number of forces over which it has little or no control affect a company’s marketing activities. Taken together, they make up its external marketing environment, which includes regulatory and political activity, economic conditions, competitive forces, changes in technology, and social and cultural influences.
Is a measure of the decrease in the value of money expressed as the percentage reduction in value since the previous year?
Inflation is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. An economic recession increases demand for products and services.
Is the primary determinant of a person’s earning potential?
education is the primary determinant of a person’s earning potential.
What research attempts to develop new or improved products?
Basic research (or pure research) attempts to expand the frontiers of knowledge but is not aimed at a specific, pragmatic problem. Applied research, in contrast, attempts to develop new or improved products. What is the sole purpose of the Consumer Product Safety Commission (CPSC)?
What is the goal of strategic planning?
Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s …
Is the managerial process of creating and maintaining a fit?
The GOAL of strategic planning is long-term profitability and growth. the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.
What is strategic planning quizlet?
Definition of Strategic Planning. Process of determining the organization’s long range, future goals. Determining what strategies are necessary to achieve specific objectives to survive and thrive. Mission Statement.
What type of consumer product is a toy?
Examples of consumer products are DVD players, TVs, smart phones, shoes, designer clothing, children’s toys, and handbags, cosmetics etc. Goods that consumers will want to be able to compare and contrast with others goods before they decide to purchase are shopping products.