Question

Through the process of ___________, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and finally a marketing plan.

Answer 1

In the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Step-by-step explanation:

In the process of strategic planning, a firm establishes an organizational mission and goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

Strategic planning is a systematic approach that helps a firm align its activities to achieve its long-term goals. It involves analyzing the current business environment, setting objectives, and developing strategies to achieve those objectives.

Here are the step-by-step explanations:

1. Establish an organizational mission and goals: This involves defining the purpose and direction of the firm
2. Develop a corporate strategy: This involves determining how the firm will achieve its mission and goals
3. Set marketing objectives: This involves specifying the desired outcomes of the marketing efforts
4. Create a marketing strategy: This involves developing a plan to reach the marketing objectives
5. Formulate a marketing plan: This involves detailing the specific actions and tactics to be implemented