Why Is It Important for Managers to Understand Customers and Competitors

question 58

Essay

Why is it important for managers to understand customers and competitors?

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Definitions:

Collective Behavior

The actions, thoughts, and feelings of a relatively spontaneous and unstructured group of people in response to common influences or objectives.

Malthusian Theory

A principle stating that population growth tends to outpace resource growth, leading to periods of famine, disease, and conflict as natural checks on population.

Population Growth

The increase in the number of individuals in a population, influenced by factors like birth rates, death rates, immigration, and emigration.

Infant Mortality

The death of children under the age of one year, measured as the number of such deaths per 1,000 live births in a given year.