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Maureen, who frequently developed gadgets, had an idea for a machine that could feed her animals (cats, dogs, rabbits, and fish) while she was away on vacation for a week. She was very sure of the idea and began discussions with a manufacturer. Unfortunately, after it was concluded that he could make the machine, they could not agree on his proper compensation and they broke off negotiations. Shortly afterwards, this manufacturer, Easylife Ltd., began to manufacturer "the animal feeder" based on her idea. On these facts, which of the following is true?
Sociocultural Environments
The societal and cultural factors that influence an organization's operations, including norms, values, customs, and demographics.
Opportunities
External factors or situations that can be leveraged by a business or organization to achieve its goals.
Threats
External factors or circumstances that could cause harm to an organization or project, often identified in a SWOT analysis.
Total Budget Competitors
Companies or entities competing within the same market that allocate similar amounts of financial resources towards their operations and marketing efforts.
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