Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 7

A marketing strategy is dynamic. Companies must continually monitor the marketing environment not only to create their marketing strategy, but also 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