Explain Why Marketers Must Monitor the Competitive Environment; the Role

question 161

Essay

Explain why marketers must monitor the competitive environment; the role played by competitive intelligence,the different forms of competition and the different overall industry structures.Illustrate using marketplace examples.

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Definitions:

Biological Needs

are the essential physiological requirements humans need to maintain life, such as food, water, shelter, and oxygen.

Timing

The selection, determination, or arrangement of specific times for events or actions.

Conditioned Stimulus

A previously neutral stimulus that, after being paired repeatedly with an unconditioned stimulus, elicits a conditioned response.

Classical Conditioning

Classical conditioning is a learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus, famously demonstrated by Pavlov's dogs experiment.