How does competition influence market planning and budgeting?

Question

Quizplus · Accepted Answer

Competition plays a critical role in market planning and budgeting. Companies must take into account the competitive level in the market in order to determine their strategies and budgets. This includes analyzing competitors' strengths and weaknesses, identifying opportunities and threats to the business, and developing a plan for how to compete effectively in the market. The more competitive the market is, the more challenging it is to prepare effective market planning and budgeting, as companies must find ways to differentiate themselves and stand out from the competition.

How Does Competition Influence Market Planning and Budgeting