The Process of Setting Procedures for Making Decisions About an Organization's

question 63

Multiple Choice

The process of setting procedures for making decisions about an organization's long-term goals is called

• A)strategic planning.
• B)HR planning.
• C)job analysis.
• D)environmental scanning.

---

Definitions:

Market Development

A growth strategy in which a company seeks to expand its existing product into new markets or geographic areas to increase its customer base.

Market Penetration

A gauge of the level of sales or acceptance of a product or service in relation to the complete potential marketplace for it.

Diversification

The strategy of adding varied products, services, or markets to a company's portfolio to spread and reduce risks.

Diversification Analysis

A strategic approach used by businesses to expand their operations by entering into new markets or developing new products, often to mitigate risks associated with over-reliance on a single revenue stream.