Describe the Difference Between External Events and Internal Events, and Provide

question 93

Essay

Describe the difference between external events and internal events, and provide two examples of each.

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Definitions:

Competitors

Other businesses that offer similar products or services in the same market, competing for the same customer base.

Competition

The rivalry among businesses to attract customers, increase sales, and achieve a dominant position in the market.

Price

The sum of money anticipated, necessary, or provided as a payment for an item.

Product Life Cycle

The sequence of stages a product goes through from introduction to growth, maturity, and decline in the market.