In the context of a SWOT analysis, describe at least five elements of an environmental analysis.
What will be an ideal response?
The environmental analysis includes many elements:
| • | Industry growth: growth rates for the entire industry and key market segments, and |
| • | Industry forces: threat of new industry entrants, threat of substitutes, economic power |
| • | Competitor analysis: goals, strategies, strengths, and weaknesses of each major |
| • | Legal trends: Legislation and regulatory activities and their effects on the industry. •• |
| • | Social issues: Current and potential social issues and their effects on the industry. ••• |
| • | Labor issues: Key labor needs, shortages, opportunities, and problems confronting the |
| • | Macro economic conditions: Economic factors that affect supply, demand, growth, |
| • | Technological factors: Scientific or technical methods that affect the industry, |
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A ________ selection device indicates that the device measures the same thing consistently.
A. subjective B. potent C. reliable D. valid
If a market segment is ________, a firm should be reasonably certain that its marketing mix can inform consumers about the product, how it adds value to the consumer, and ultimately how to purchase it.
Fill in the blank(s) with the appropriate word(s).
QuickFreeze Storage, a bailee, holds goods for Restaurant Purveyor, Inc, which has contracted to sell the goods to Seafood Dining Company. The goods are to be delivered without being moved. The risk of loss will pass to Seafood Dining when it receives
a. a copy of Restaurant Purveyor'scontract with QuickFreeze Storage. b. a copy of Restaurant Purveyor'scontract with Seafood Dining. c. a negotiable document of title. d. a notice that Seafood Dining's payment for the goods has cleared.
The primary advantage of a concentrated targeting strategy is
A. it meets the needs of a wide range of consumers. B. it allows a firm to specialize to meet specific customer needs. C. it is more flexible than any other approach. D. it is the least risky targeting approach. E. its customers are the most willing to repurchase the same brands.