What is environmental scanning? Name four environmental forces that affect marketing decision-making.
What will be an ideal response?
Environmental scanning is the collection and interpretation of information about external forces, events, and relationships that may affect the future of the organization. It helps identify market opportunities and threats and provides guidelines for the design of marketing strategy.
Important forces include:
| · | social forces |
| · | demographic forces |
| · | economic forces |
| · | technological forces |
| · | political and legal forces |
| · | competitive forces |
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When completed production is transferred to the finished goods storeroom
a. Cost of Goods Manufactured is debited and Finished Goods is credited b. Materials is debited and Finished Goods is credited c. Finished Goods is debited and Work in Process is credited. d. Work in Process is debited and Materials is credited.
The process of dividing a larger market into smaller groups based on meaningfully shared characteristics is called positioning.
Answer the following statement true (T) or false (F)
The trade-off that a supply chain manager must consider when planning safety inventory is
A) increasing product availability versus increasing inventory holding costs. B) decreasing product availability versus decreasing inventory holding costs. C) increasing product availability versus raising the level of safety inventory. D) decreasing product availability versus decreasing the level of safety inventory.
A life insurance policy that provides protection for a specific amount of time is known as a(n)
a. endowment policy or annuity. b. paid-up policy. c. term policy. d. universal policy.