The External Environment _____

question 23

Multiple Choice

The external environment _____.

• A) can be controlled in much the same manner as the internal marketing mix
• B) cannot be influenced by marketing managers
• C) does not change over time
• D) does not have an impact on Fortune 500 companies
• E) must be continually monitored by marketing managers

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Definitions:

Competitive Strategy

A long-term plan developed by a company to gain a competitive advantage over its rivals in the industry.

Strategic Leadership

A style of leadership focused on setting long-term visions, creating sustainable competitive advantages, and guiding an organization through strategic changes.

Surplus

The situation in which the quantity supplied of a good exceeds the quantity demanded, often leading to a decrease in prices.

Shortage

A situation where the demand for a product exceeds the supply of that product, often leading to a temporary unavailability.