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What does a strategic plan commit corporate resources to?
What does a strategic plan commit corporate resources to?
- Global expansion without considering profitability
- Vertical integration within the industry
- Diversification into unrelated industries
- Country products and markets to increase competitiveness and profits (correct)
What does planning attempt to manage?
What does planning attempt to manage?
- Market demand and supply forces affecting the firm's products and services
- The firm's financial resources and budget allocation
- Internal, controllable factors affecting the firm's strengths, weaknesses, objectives, and goals
- External, uncontrollable factors affecting the firm's strengths, weaknesses, objectives, and goals (correct)
What is a key aspect of successful planning according to the text?
What is a key aspect of successful planning according to the text?
- Evaluating company objectives, including management's commitment and philosophical orientation to international business (correct)
- Rapid decision making without evaluation
- Ignoring management's commitment to international business
- Exclusively focusing on short-term objectives
Why is the process of planning important?
Why is the process of planning important?
Strategic planning is solely concerned with the formulation of goals and methods of accomplishing them.
Strategic planning is solely concerned with the formulation of goals and methods of accomplishing them.
The process of planning forces decision makers to examine only internal factors affecting the success of a marketing program.
The process of planning forces decision makers to examine only internal factors affecting the success of a marketing program.
Evaluation of company objectives, including management's commitment and philosophical orientation to international business, is not a key aspect of successful planning.
Evaluation of company objectives, including management's commitment and philosophical orientation to international business, is not a key aspect of successful planning.
A strategic plan does not commit corporate resources to specific products and markets to increase competitiveness and profits.
A strategic plan does not commit corporate resources to specific products and markets to increase competitiveness and profits.
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