What is the difference between planning, strategic planning, and marketing planning?
What will be an ideal response?
Planning is the process of anticipating future events and determining strategies to achieve organizational objectives in the future.
Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. The goal of strategic planning is long-run profitability and growth. Thus, strategic decisions require long-term commitments of resources.
Marketing planning involves designing activities relating to marketing objectives and the changing marketing environment. Marketing planning is the basis for all marketing strategies and decisions. Issues such as product lines, distribution channels, marketing communications, and pricing are all delineated in the marketing plan.
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Which one of the following business decisions will least likely require financial information?
a. The Gulf Coast Bank is reviewing the loan application from Tuo's Restaurant. b. Tuo's Restaurant is attempting to sell its stock to the public. c. The labor union representing Flaggler's Fitness Spa employees is negotiating a pay raise as part of a new labor agreement. d. Tuo's Restaurant management is deciding whether to wash its catering vans today or tomorrow.
Which one of the following actions should a company take IMMEDIATELY when it finds that its product is defective?
A. inform buyers about it B. take corrective action in a timely manner C. stop producing the product D. lower the price
Which of the following would be the best application of principles regarding gift giving to customers?
A) Give gifts before doing business with a customer. B) Determine the gift-receiving policy of the customer's company. C) Once begun, maintain a regular and consistent pattern of gift giving. D) Clearly explain the conditions you expect of the customer who accepts a gift. E) Give a gift proportional to the sale you expect to make from the customer.
The formula to compute direct material quantity variance is to calculate the difference between
A) actual costs - standard costs B) standard costs - actual costs C) (actual quantity standard price) - standard costs D) actual costs - (standard price standard costs)