Question

INTER-RELATIONSHIP OF LONG- AND SHORT-RANGE PLANS

a) Financial strategies
b) Staffing requirements
c) Organizational structure
d) Marketing initiatives

Answer 1

Long-range plans are interrelated with financial strategies, staffing requirements, organizational structure, and marketing initiatives in the short-term to support long-term business objectives.

Step-by-step explanation:

Long- and short-range plans are interrelated in several areas of business:

1. Financial strategies: Short-term financial strategies can support the long-term goals of a business. For example, a company may implement cost-cutting measures in the short-term to free up funds for long-term investments.
2. Staffing requirements: Long-range plans for staffing can inform short-term hiring decisions and training programs. Ensuring a qualified workforce in the short-term can contribute to achieving long-term business objectives.
3. Organizational structure: The long-term vision and goals of a business may influence the development of its organizational structure. Similarly, changes in the organizational structure in the short-term can impact the execution of long-term plans.
4. Marketing initiatives: Short-term marketing initiatives can support long-term marketing strategies. For example, a business may run promotional campaigns in the short-term to build brand awareness and customer loyalty for long-term success.