Along with Studying Trends in the Environment, a First Step

question 287

Multiple Choice

Along with studying trends in the environment, a first step in looking for attractive opportunities is to:

• A) understand the resources and objectives of the firm.
• B) decide which product-markets the firm will enter.
• C) find new markets for present products.
• D) estimate product-market potentials.
• E) hire a marketing strategy planner.

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Definitions:

Business Cycle

The fluctuating levels of economic activity that an economy experiences over a period, characterized by expansion and contraction phases.

Discouraged Workers

Individuals who are not actively seeking employment due to believing no jobs are available for them or none that match their skills.

Unemployment Rate

The unemployment rate is the percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

Labor Force

The total number of people available to work, including both the employed and the unemployed who are seeking employment.