Describe and Discuss the Four Activities of the External Environmental

question 40

Essay

Describe and discuss the four activities of the external environmental analysis process.

Understand the principles and purposes of advertising.

Identify and analyze strategic marketing models.

Understand the process and importance of marketing research.

Learn how product placement functions as a marketing strategy.

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Definitions:

Economic Profit

The gap between the total income and the sum of explicit and implicit costs of a business.

Normal Rate

Refers to the standard or usual level at which a particular process occurs or is set, often used in financial contexts such as interest rates.

Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment’s cost.

Increasing-Cost Industry

An industry in which production costs increase as output expands, often due to factors like resource depletion or increased demand for inputs.