Addoso Inc. manufactures electronic gadgets. The marketing managers at Addoso Inc. have discovered that a new competitor is gaining more customers. In the context of SWOT analysis, which of the following actions should be prioritized by the marketing managers at Addoso Inc.?

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Quizplus · Accepted Answer

To address the threat posed by the new competitor, the marketing managers should prioritize analyzing aspects of its marketing environment. SWOT analysis involves analyzing both internal (organizational resources) and external (macroenvironmental forces) factors, but in this scenario, the focus should be on assessing the competitive landscape to identify the competitor's strengths and weaknesses and how they can position themselves in response. Lowering product prices may be a potential strategy identified through this analysis, but it should not be the initial priority.