Answered: what are the main differences between…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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what are the main differences between external analysis and industry analysis?

Expert Solution

Introduction

A business never works in isolation and there are always many external and internal factors that influence its operation and hence the path towards success. The managers must take all these factors into consideration while making any strategy as it might get affected by changing environmental factors.

Few of these factors are in control of the firm while others are not. These factors cannot be controlled but at least the managers can stay proactive and quickly make the changes in the plan and strategy to overcome those changes. This is one of the reasons why a strategy must be kept lean.