According to the Textbook, the First Step in a Competitor

question 37

Multiple Choice

According to the textbook, the first step in a competitor analysis is to ________.

• A) develop a marketing plan
• B) develop the strategic plan
• C) study the strength of the industry
• D) study the external environment
• E) determine who the competition is

---

Definitions:

Social Status

The position or rank of a person or group within the society, often determined by wealth, occupation, education, or family lineage.

Express Ratification

The explicit, formal approval or confirmation of an act or contract by the person who is bound by the act or contract, typically done after the act has been completed.

Implied Ratification

The tacit approval or acceptance of an act by behaving in a manner that assumes the act was properly authorized.

License

A permit from an authority to own or use something, do a particular thing, or carry on a trade.