Understanding the External Business Environment Requires Marketers to Be Aware

question 175

Multiple Choice

Understanding the external business environment requires marketers to be aware of:

• A)their customers' wants and needs
• B)how employees are interacting with customers
• C)how employees are interacting with other employees
• D)changes in the law which impact how business is conducted
• E)how managers interrelate with employees

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Definitions:

Operating Cycles

The period it takes for a company to purchase inventory, sell it, and convert the sale into cash.

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Cost of Merchandise Sold

The total cost incurred to acquire goods that have been sold during a period, including purchase price and other expenses related to procurement.

FOB Shipping Point

A term indicating that the buyer takes ownership and pays for transportation costs once the goods leave the seller’s premises.