George Owns Four Dry Cleaning Stores in the Suburbs of Orlando

question 59

Multiple Choice

George owns four dry cleaning stores in the suburbs of Orlando, Florida. He recently updated his STP analysis and has finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining

• A)how Disney World crowds will impact his business.
• B)which employees to promote or fire.
• C)how to allocate resources among his four stores.
• D)what new government regulations might create opportunities or threats.
• E)when to shift from a customer excellence to an operational excellence strategy.

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Definitions:

International Trade

The exchange of goods and services between countries, allowing for specialization, more efficient production, and access to a broader range of products.

Absolute Advantage

The ability of an individual, company, or country to produce more of a good or service with a given amount of resources than competitors.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to trade benefits.

Terms Of Trade

The ratio of a country's export prices to its import prices, affecting the volume of goods a country can import for a given level of exports.