The Actions Taken During the Evaluation Phase of the Strategic

question 174

Multiple Choice

The actions taken during the evaluation phase of the strategic marketing process include: (1) compare results with plans to identify deviations and (2) __________.

• A)find points of difference
• B)execute the marketing program
• C)track sales and revenues and compare with competitors
• D)develop the budget by estimating revenues, expenses, and profits
• E)exploit positive deviations and correct negative ones

Understand the rise in entrepreneurship education and the factors contributing to the increase in small business formation.

Describe the marketing concept focusing on consumer needs and organizational structure's impact on business success.

Identify the support structures available for small businesses, including SBA certification and the demographic shifts in business ownership.

Understand the importance of economies of scale in large businesses.

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Definitions:

Stress

A psychological and physical response to demands or threats, often characterized by feelings of tension, worry, and heightened arousal.

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, often referred to as the "I-knew-it-all-along" phenomenon.

Confirmation Bias

Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Counterfactual Thinking

The mental process of imagining alternative scenarios and outcomes that didn't actually happen.