Question

You are contemplating adding a professional to your marketing analysis team to enhance your ability to evaluate and respond to changes in your company's marketing environment. In your most recent evaluation of your marketing environment you found the following forces were having the greatest impact on your marketing strategies.Federal Reserve Bank monetary policy, Aging population dynamics, Consumption expenditure trends in GDP, Antitrust legislation changes in Congress Interest rates, Currency fluctuations. Which of the following professionals should you add to your marketing analysis team in order to enhance your team's ability the most in evaluating and responding to changes in your marketing environment if the forces listed above are having the most significant impact ?

A. An Economist
B. Demographic Analyst
C. Legal Advisor
D. Financial Analyst

Answer 1

The correct answer is option a. An Economist is the most suitable professional to add to a marketing analysis team when the company's marketing strategies are impacted by macroeconomic factors such as monetary policy and trends in GDP. Economists use the ceteris paribus assumption to isolate and analyze the effects of each factor individually.

Step-by-step explanation:

Given the impactful forces on your company's marketing strategies such as Federal Reserve Bank monetary policy, aging population dynamics, consumption expenditure trends in GDP, antitrust legislation changes, interest rates, and currency fluctuations, the professional most suited to add to your marketing analysis team would be An Economist.

Economists are well-equipped to analyze these macroeconomic factors and assess their influences on market demand and supply.

They utilize the ceteris paribus assumption, which involves analyzing changes in the market one variable at a time while holding other factors constant, thereby isolating the effects of each specific event before combining the analyses to understand the net effect on the markets your company operates within.