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It is sometimes referred to as a situation analysis. The marketing environment must be discussed. This section will look at external environmental factors such as the market, competition, marketing channels, economy, political climate, technology, legal and political climates, and sociocultural factors. This section will also examine internal environmental factors such as costs, profits, human resources, financial resources, and the age of plant and equipment. The target markets also have to be studied. Have their needs changed? Is the company doing a good job of satisfying the needs of its customers? Finally, the organization has to ascertain whether their marketing objectives are still reasonable given the changing environment...
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