The Actions Taken in Situation (SWOT)analysis,or Step 1 of the Planning

question 45

Multiple Choice

The actions taken in situation (SWOT) analysis,or Step 1 of the planning phase,include: 1) identify industry trends,2) __________,3) assess own company,and 4) research customers.

• A)set market and product goals
• B)select target markets
• C)find points of difference
• D)analyze competitors

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Definitions:

Economic Well-being

A broad measure of prosperity among individuals or nations, incorporating income, employment, and access to resources and services conducive to a high quality of life.

Market Economy

An economic system where supply and demand from consumers and businesses dictate the production and pricing of goods and services.

Supply and Demand

Fundamental economic model based on the idea that the price and quantity of a good or service is determined by the availability (supply) and desire (demand) of that good or service.

Rationing Mechanism

A system used to allocate scarce goods and services using criteria other than price.