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Marketing Environment Analysis

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Questions and Answers

Why is it crucial for a firm to have close relations with its suppliers?

To increase the number of competitors in the market

To help in planning for and implementing strategies to deal with resource shortages (correct)

To reduce the quality of the final product

To ensure the firm has many suppliers to choose from

Why do firms rely on marketing intermediaries?

To assist in promoting, selling, and distributing products to final customers (correct)

To decrease customer reach

To increase production costs

To reduce the need for a Marketing Manager

What could be a consequence of producing a product in an already saturated market?

Increased customer loyalty

Reduced competition

Serious losses (correct)

Significant profit margins

Why is conducting a competitor analysis crucial before deciding on a product offering?

To gain a competitive edge over main rivals Signup and view all the answers

What is emphasized as essential for all businesses in the text?

Gaining a competitive edge over main rivals Signup and view all the answers

How does the text describe the global market and its impact on firms?

The world becoming a single global market increases competition for firms Signup and view all the answers

What is the micro-environment of a firm?

The factors within its immediate environment that impact its performance, decision-making, and ability to serve customers. Signup and view all the answers

Which of the following is a factor in the micro-environment of a firm?

Company's suppliers Signup and view all the answers

What is the significance of a firm's suppliers in its micro-environment?

They provide the necessary resources for producing the firm's goods and services. Signup and view all the answers

What is the importance of maintaining quality for a firm's suppliers?

It is mentioned as part of the supplier's mandate, indicating their role in quality assurance. Signup and view all the answers

What is the purpose of the marketing department in relation to the marketing environment?

To develop strategies to lessen the impact of environmental factors or enhance competitiveness. Signup and view all the answers

What does the text imply about the marketing environment?

It is dynamic and constantly changing. Signup and view all the answers