The Initial Step in the Planning Phase of the Strategic

question 194

Multiple Choice

The initial step in the planning phase of the strategic marketing process involves

• A) establishing the budget.
• B) developing the marketing program.
• C) diversification analysis.
• D) auditing the marketing plan.
• E) conducting a situation (SWOT) analysis.

Learn the use and implications of return on investment (ROI) for managerial performance evaluation.

Gain insight into the impact of sales changes on margin and turnover.

Recognize the differences between profit, cost, and investment centers in terms of responsibility and performance evaluation.

Understand the significance of transfer pricing and its implications on divisional performance.

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Definitions:

Inconsistent Over Time

Refers to situations where behavior, performance, or conditions change and do not follow a constant pattern across different periods.

Microeconomic Principles

The study of individual, household, and firm behaviors in decision-making and allocation of resources, often in markets where goods or services are bought and sold.

Preferred Spending

Often refers to the prioritization of budget allocation by individuals, businesses, or governments, favoring certain categories or sectors over others.

Canoeing and Kayaking

Recreational or competitive water sports involving navigating waterways in small, narrow vessels.