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A manufacturing business has conducted a situational analysis and determined the following: - It has loyal customers who make repeat purchases - HSC - SSCE Business Studies - Question 23 - 2018 - Paper 1
Question 23
A manufacturing business has conducted a situational analysis and determined the following: - It has loyal customers who make repeat purchases. - The size of the Au... show full transcript
Worked Solution & Example Answer:A manufacturing business has conducted a situational analysis and determined the following: - It has loyal customers who make repeat purchases - HSC - SSCE Business Studies - Question 23 - 2018 - Paper 1
Step 1
Identify ONE threat to this business.
Answer
A significant threat to this manufacturing business is the shrinking size of the Australian market. As the market contracts, there are likely to be fewer customers, which could lead to decreased sales and ultimately threaten the business's sustainability.
Step 2
Why could monitoring and controlling be an important part of the marketing process for this business?
Answer
Monitoring and controlling are crucial for this manufacturing business for several reasons:
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Performance Evaluation: Regular monitoring allows the business to assess the effectiveness of its marketing strategies. This ensures that resources are being allocated efficiently and that marketing efforts yield positive results.
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Adaptation to Market Changes: Given the shrinking Australian market, close monitoring enables the business to quickly adapt its marketing strategies in response to changing consumer preferences and market conditions.
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Goal Achievement: Controlling aspects of the marketing process ensures that the business stays on track toward its goals. By consistently reviewing progress, it can make informed adjustments that align with its objectives, particularly in a challenging market environment.