Please Briefly Describe These Three Summary Calculation Options and Provide

question 39

Essay

Please briefly describe these three summary calculation options and provide an example of when it would be used: Average, Minimum, and Maximum.

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Definitions:

Value Chains

A value chain is a series of activities that businesses conduct to bring a product or service from its conception to distribution and beyond, aiming to add value at each stage.

Environmental Scanning

The process of systematically gathering, analyzing, and interpreting data about trends, events, and relationships in an organization's external environment to identify opportunities and threats.

Market Segments

Subsets of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, including product, price, place, and promotion.