Managers are engaged in a process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called:
A) marketing planning.
B) strategic planning.
C) marketing strategy.
D) corporate strategy.
E) strategic business planning.

Question

Quizplus · Accepted Answer

The process described in the question is that of strategic planning, which involves revising an organization's mission and goals, developing corporate strategy, and eventually creating marketing objectives, marketing strategy, and a marketing plan. While marketing planning is a component of strategic planning, it specifically refers to the process of developing marketing objectives, strategies, and plans. Marketing strategy is a part of strategic planning, but it is just one component. Corporate strategy, on the other hand, involves defining the overall direction and scope of an organization and how it creates value for its stakeholders. Strategic business planning is a term often used interchangeably with strategic planning.

Managers Are Engaged in a Process of Revising Their Organization's