A scenario analysis is best described as a tool used by firms to ________.

Question

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Scenario analysis is a tool used by firms to plan future marketing responses by examining various possible future scenarios or situations and their potential impact on the firm. It helps the firm to identify potential risks, opportunities, and challenges and develop strategies to address them. While scenario analysis can involve collecting situation assessment data, analyzing competitors, and conducting market research, its primary focus is on developing future-oriented marketing strategies.

A Scenario Analysis Is Best Described as a Tool Used