Are the Three Steps Involved in the Planning Phase of the Strategic

question 92

Multiple Choice

are the three steps involved in the planning phase of the strategic marketing process?

• A) Step 1: situation (SWOT) analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program
• B) Step 1: planning; Step 2: implementation; and Step 3: evaluation
• C) Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product
• D) Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization
• E) Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?

Understand the role and calculation of budgeted and standard volumes in cost accounting.

Grasp the concepts of under-absorbed and over-absorbed overheads in cost management.

Identify the components and calculation of total overhead variance.

Understand the principle of worker productivity and its impact on earnings.

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Definitions:

Equilibrium Price

The market price at which the quantity of a good supplied is equal to the quantity demanded, resulting in market equilibrium.

Marginal Cost

The augmentation in total cost triggered by the creation of one further unit of a product or service.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a state of market equilibrium.

Equilibrium Price

The cost at which the amount of a product that buyers want to purchase matches the amount that sellers are willing to supply, creating equilibrium in the market.