Q. Marketing decision makers in a firm must constantly monitor competitors’ activities-their products, prices, distribution, and promotional efforts-because
- The competitors may be violating the law and can be reported to the authorities
- The actions of competitors may threaten the monopoly position of the firm in its industry
- The actions of competitors may create an oligopoly within an industry
- New product offerings by a competitor with the resulting competitive variations may require adjustments to one or more components of the firm’s marketing mix
Answer: New product offerings by a competitor with the resulting competitive variations may require adjustments to one or more components of the firm’s marketing mix