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Business Environment & Environmental Analysis

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Business Environment & Environmental Analysis

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Questions and Answers

What is the primary function of intermediaries in a market?

To provide goods and services to final consumers

To regulate the market and set prices

To facilitate exchange between buyers and sellers

To help companies promote, sell, and distribute their products (correct)

What is the main focus of socio-cultural factors in the macro environment?

Economic indicators such as purchasing power and inflation

Customs, traditions, values, and beliefs of consumers (correct)

Technological advancements and innovations

Government laws and regulations

What is the primary goal of an industry analysis?

To analyze the competition and sales trends

To develop a marketing strategy for a company

To identify potential markets for a specific product

To determine the major and minor factors affecting an industry (correct)

What is the definition of a market?

A place where buyers and sellers interact to facilitate exchange Signup and view all the answers

Which factor of the macro environment can directly or indirectly affect a company's business?

Economic environment Signup and view all the answers

What does the business environment include?

Both internal and external factors Signup and view all the answers

What is Environmental Analysis?

A strategic tool to identify internal and external elements Signup and view all the answers

What is the Micro environment of an organization composed of?

Only internal factors controlled by management Signup and view all the answers

What is the primary effect of competitors on an organization?

Decrease prices of goods and services Signup and view all the answers

Who provides inputs to a business?

Suppliers Signup and view all the answers