The idea of first movers being completely replaced by second movers and the resulting disappearance of first movers from the marketplace is a myth.

Connotea is a social media platform aimed primarily at scientists and clinicians, where users can post news items and links to outside articles, then vote on which postings get the most prominent display. Connotea is an example of an online forum.

The environmental scanning process helps firms to determine the best response to a particular environment change.

A major constraint on consumer spending is deflation, which devalues money by reducing the products it can buy through persistent price increases.

A large pharmaceutical company invents a very small device that can be implanted in people with diabetes to provide time-released amounts of insulin. A patent for this invention will set up a temporary oligopoly for the company.

Social media helps marketers to connect with influencers.

A firm with a fully developed marketing concept is one with a company-wide consumer orientation with the objective of achieving long-term success.

The planning process begins at the corporate level with the first step being the development of strategic objectives.

Organizational resources include the capabilities of the firm’s production, marketing, finance, technology, and employees.

Planning often is classified on the basis of its scope or breadth.