How Do Businesses Monitor Dynamic Market Conditions?
Businesses monitor dynamic market conditions through a variety of methods such as market research, trend analysis, and competitive intelligence. They often use tools like SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) and PEST analysis (Political, Economic, Social, Technological) to understand the external factors affecting their operations. Additionally, businesses may employ data analytics to gain real-time insights into market trends and consumer behavior.