The SWOT Analysis Involves an Assessment of How Existing Strengths

question 23

True/False

The SWOT analysis involves an assessment of how existing strengths can be used to serve the market and also a consideration of how resources would need to change to cope with a changing environment.

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Definitions:

Cross-functional New-product Development Team

A group comprising members from different departments working together to develop a new product.

New-product Idea

A concept for a product that has not yet been introduced to the market, potentially fulfilling a new consumer need or desire.

Customer Experience Management (CEM)

The process of managing the entire customer experience with the company.

Marketing Mix

A combination of factors that can be controlled by a company to influence consumers to purchase its products, typically described as the 4Ps: Product, Price, Place, and Promotion.