Podcast
Questions and Answers
Why is it crucial for a firm to have close relations with its suppliers?
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?
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?
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?
Why is conducting a competitor analysis crucial before deciding on a product offering?
What is emphasized as essential for all businesses in the text?
What is emphasized as essential for all businesses in the text?
How does the text describe the global market and its impact on firms?
How does the text describe the global market and its impact on firms?
What is the micro-environment of a firm?
What is the micro-environment of a firm?
Which of the following is a factor in the micro-environment of a firm?
Which of the following is a factor in the micro-environment of a firm?
What is the significance of a firm's suppliers in its micro-environment?
What is the significance of a firm's suppliers in its micro-environment?
What is the importance of maintaining quality for a firm's suppliers?
What is the importance of maintaining quality for a firm's suppliers?
What is the purpose of the marketing department in relation to the marketing environment?
What is the purpose of the marketing department in relation to the marketing environment?
What does the text imply about the marketing environment?
What does the text imply about the marketing environment?
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