Question

When marketing managers attempt to identify "Key Success Factors" they typically are engaged in the _________________ component of the strategic marketing planning process.

Answer 1

Answer:

The correct answer is letter "D": Industry analysis.

Explanation:

The strategic marketing planning process represents the set of steps companies take to advertise their products. The process could take five (5) steps which are planning the firm's mission, goals, and objectives; analyze the industry positioning; establishing marketing tactics; conducting the process; and, monitoring.

By analyzing the industry position, organizations conduct a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to find out the "Key Success Factors" and determine the inner and outer companies factors that could affect its performance.