Which of the Following Statements Regarding Environmental Scanning Is the Most

question 107

Multiple Choice

Which of the following statements regarding environmental scanning is the most accurate?

• A)Environmental scanning changes the marketing environment.
• B)Environmental scanning identifies and interprets potential trends.
• C)Environmental scanning should be done at least every five years.
• D)Environmental scanning focuses primarily on ecological factors.
• E)There is too much information generated from environmental scanning to make it viable for small firms.

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Definitions:

Profits Decrease

The reduction in earnings, often due to increased costs, lower sales, or unfavorable market conditions.

Quick Response

A strategy focused on reducing lead times across the supply chain to respond swiftly to consumer demand and market changes.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Multiple Products

The strategic offering of a variety of products by a business to meet diverse customer needs, expand market reach, and reduce risk.