In creating a marketing plan,a firm typically identifies its competition and understands its strengths and weaknesses in a stage where the firm:

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Examining the current situation of the firm includes analyzing the competition and their strengths and weaknesses. This stage provides the necessary information for developing an effective marketing strategy to gain an advantage in the competitive environment. The other options listed are important elements of a marketing plan but are typically addressed after the analysis of the current situation.

In Creating a Marketing Plan,a Firm Typically Identifies Its Competition