The Strategic Planning Process Begins with

question 41

Multiple Choice

The strategic planning process begins with

• A)development of an organizational mission statement.
• B)development of marketing strategy.
• C)analysis of the marketing environment.
• D)analysis of target markets.
• E)development of a marketing plan.

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Definitions:

Sales Commissions

Remuneration given to sales staff based on the total amount of sales they generate, aimed at motivating higher sales output.

Monthly Sales

The total revenue generated from the sale of goods or services within a specific month.

Net Operating Income

is the total profit of a business after deducting operating expenses but before subtracting taxes and interest.

Contribution Margin Ratio

A metric that reveals the percentage of sales revenue that exceeds variable costs and contributes to covering fixed costs and generating profit.