(Planning) High-level executives have often indicated that competitors’ ac¬ tions are the top external factor impacting their businesses and their busi¬ ness plans.

a. Why do you believe that competitors’ actions are so important to busi¬ ness planning?

b. How would competitors’ actions affect a business’s internal planning?

c. What other internal and external factors do you think are key elements in a business’s budgeting process?LO.1