Why Is Planning Considered an Important Process for Managers

question 71

Multiple Choice

Why is planning considered an important process for managers?

• A)It gives a sense of direction and purpose.
• B)It ensures only top-level managers make decisions.
• C)It creates a time horizon for different planning levels.
• D)It identifies which markets to enter or avoid.

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Definitions:

Product Life Cycle

The progression of a product through different stages from introduction to growth, maturity, and decline in the market.

Laggard

Term used to describe a person, organization, or entity that is slow to adopt new technologies, practices, or innovations, often resistant to change.

Product Mix

The total range of products that a company offers to its customers, encompassing the diversity and variety of product lines and items available.

Maturity Stage

A phase in the product lifecycle where sales growth slows or levels off, and the product is established in the market.