MKTG 3701 (Quiz 2)

MKTG 3701 (Quiz 2) strategic planning - answer-the process of thoughtfully defining a firms objectives and developing a method to achieve those objectives strategic plan - answer-includes an organizations plans for key functional areas, marketing, human resource, finance, and risk management elements of a strategic plan - answer--marketing plan -financial plan -human resources plan -risk management plan mission statement - answer-a concise affirmation of the firm's long-term purpose things to consider when developing a mission statement... - answer--what is our business -who is our customer -what is our value to the customer -what should our business be the mission statement should... - answer-Be focused on a limited number of goals Be customer-oriented and focused on satisfying basic customer needs and wants Capture a shared purpose and provide motivation for the employees of the firm marketing plan - answer-an action-oriented document that guides the firm's marketing strategy...