Marketing: Custom Edition for Texas A&M University 17th Edition by William Pride,Ferrell

Exercise 30

A marketing strategy is dynamic. Companies must constantly monitor the marketing environment not only to create their marketing strategy but to revise it if necessary. Information about various forces in the marketplace is collected, analyzed, and used as a foundation for several marketing plan decisions. The following questions will help you to understand how the information in this chapter contributes to the development of your marketing plan.
Using the business cycle pattern, in which of the four stages is the current state of the economy? Can you identify any changes in consumer buying power that would affect the sale and use of your product?
The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.