Strategic Planning Is the Managerial Process of Creating and Maintaining

question 29

True/False

Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.

Average Total Cost Curve

A graphical representation showing how the total cost per unit of output changes with the level of output.

Short Run

A period in economics during which the quantities of at least one input or resource are fixed, limiting the ability of the economy or firm to adjust to changes in demand or supply.

Long Run

A period in which all factors of production and costs are variable, allowing for all possible adjustments in production and operations.