Economics is the study of the satisfaction of wants through the use of scarce resources. Economics defines the processes and resultants of this want-satisfaction in a scientific manner. The relationship between the two disciplines is found in the fact that marketing exists because resources are scarce.
The economy has a direct impact on the way marketers projects their products to consumers. Comprehending the relationship between marketing and economics assists business owners cede their marketing resources and respond to changes in the economic climate.
A SWOT analysis assists in weighing where an organisation stands in a competitive market and what steps need to be taken for further strategic planning, helping decision-makers draw a future roadmap for the company.
A SWOT analysis plan is beneficial. It compels everyone to really define the internal and external attributes the organization must confront. Success implies the company will capture its opportunities while eliminating its threats.
Therefore, the correct answer is as given above
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