Question

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it is referred to as a. tactical planning. b. market planning. c. goal setting. d. environmental scanning. e. situation analysis.

Answer 1

Answer:

The correct answer is: e. Situation analysis

Explanation:

Situation analysis is the second step of market plan. It is the set of methods employed by the managers of an organization for analyzing the macro and the micro-environmental factors that affects the firm. It includes several methods such as SWOT, 5Cs, and Porter five forces analysis.

It is an important step that is used in establishing relationships with the customers and to indicate the position of the organization and products in the environment.