A major constraint on consumer spending is deflation, which devalues money by reducing the products it can buy through persistent price increases.

A large pharmaceutical company invents a very small device that can be implanted in people with diabetes to provide time-released amounts of insulin. A patent for this invention will set up a temporary oligopoly for the company.

Social media helps marketers to connect with influencers.

A firm with a fully developed marketing concept is one with a company-wide consumer orientation with the objective of achieving long-term success.

The planning process begins at the corporate level with the first step being the development of strategic objectives.

Organizational resources include the capabilities of the firm’s production, marketing, finance, technology, and employees.

Planning often is classified on the basis of its scope or breadth.

The number of suppliers available to a manufacturer or retailer affects the bargaining power of buyers.

Middle and supervisory-level managers spend less time as compared to CEOs on planning activities.

Adjustments in the mission statement of an organization reflect changing business environments and management philosophies.