2204chapter%202%20review - CHAPTER 2 REVIEW Marketing...

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CHAPTER 2 REVIEW Marketing Concepts: Testing Your Knowledge 1. The different levels of planning within a business organization Business planning usually occurs on an annual basis at three levels. Strategic planning is The managerial decision process that matches an organization’s resources and capabilities to its market opportunities for long-term growth. These decisions focus on the firm’s ability to respond to changes and opportunities in its environment. In a strategic plan, the top management team defines the firm’s purpose and specifies what the firm hopes to achieve over the next few years. Strategic plans are Usually developed for a period of 3 – 5 years and take a long-term view of the health of the business. The Marketing plan Takes its direction from the strategic plan. There are 2 main differences between marketing plans and strategic plans. The marketing plan has a shorter time horizon, 1 year. It also contains details about the marketing mix elements (product, pricing, communication & distribution strategies) that are not contained in the strategic plan. Operational plans are Also called functional plans include the sales plan , production plan , finance plan, supply chain plan and human resource plan . 2. A mission statement? Is a formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources. The mission statement is important to an organization because it defines the scope
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2204chapter%202%20review - CHAPTER 2 REVIEW Marketing...

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