Taking Stock of Where the Firm or Product Has Been

question 268

Multiple Choice

Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's marketing plans and the external forces and trends affecting it is

• A) tactical planning.
• B) market planning.
• C) goal setting.
• D) environmental scanning.
• E) situation analysis.

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Definitions:

SWOT Analysis

SWOT analysis is a strategic planning tool that assesses an organization's strengths, weaknesses, opportunities, and threats to identify strategic directions and improve decision-making.

Internal Environment

The conditions, factors, and elements within an organization that influence its activities and choices, including culture, values, and internal resources.

Strategic Planning

The process of defining a strategy, or direction, and making decisions on allocating resources to pursue this strategy.

Specific Strategies

Detailed plans designed to achieve targeted objectives within a specific timeframe, often tailored to address certain challenges or opportunities.