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:

Needs

Basic or psychological requirements for the well-being of an individual.

Autonomy

The degree of freedom and independence an individual or entity has to make choices and decisions without external control.

High Power Distance

A cultural dimension where there is a large gap between those in power and the common people, with a significant level of acceptance of the uneven distribution of power in institutions and organizations.

Authority

The recognized power or right of an individual or entity to make decisions, give orders, and enforce obedience.