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At which stage of the marketing process would a business examine its internal and external influences? (A) When identifying target markets (B) When conducting a situational analysis (C) When establishing its marketing objectives (D) When developing its marketing strategies - HSC - SSCE Business Studies - Question 4 - 2015 - Paper 1
Question 4
At which stage of the marketing process would a business examine its internal and external influences? (A) When identifying target markets (B) When conducting a si... show full transcript
Worked Solution & Example Answer:At which stage of the marketing process would a business examine its internal and external influences? (A) When identifying target markets (B) When conducting a situational analysis (C) When establishing its marketing objectives (D) When developing its marketing strategies - HSC - SSCE Business Studies - Question 4 - 2015 - Paper 1
Step 1
When conducting a situational analysis
Answer
A business examines its internal and external influences primarily during the situational analysis phase of the marketing process. This stage involves assessing the company's current environment, market conditions, and competition. By analyzing internal factors such as resources, capabilities, and performance, alongside external factors like market trends, consumer behavior, and economic conditions, businesses can identify strengths, weaknesses, opportunities, and threats (SWOT analysis). This deep understanding is crucial for making informed decisions in subsequent stages of marketing.