When Assessing the Current Situation in the First Step of a Marketing

question 1

Multiple Choice

When assessing the current situation in the first step of a marketing plan,it is recommended that one ________.

• A)avoids making assumptions of any kind
• B)eliminates areas that lack factual data from the purview of the plan
• C)utilizes only concrete facts about the future projections and performance gaps
• D)generates estimates based on knowledge and experience to be modified in the future
• E)substitutes the data of current performance by that of the projected performance in the plan

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Definitions:

Limited Resources

The finite availability of inputs such as labor, materials, and capital, which restricts production capabilities and economic growth.

Unlimited Wants

The concept in economics that human desires for goods and services exceed the available resources, leading to perpetual states of decision making and prioritization.

Economizing Behavior

The tendency of individuals or organizations to attempt to minimize costs or expenses and maximize value.

Scarce Resources

Limited natural resources that are not abundant enough to satisfy all the wants and needs of a population.