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.

As the senior vice-president of marketing, Naomi will be closely involved in her firm’s strategic planning.

The traditional view of marketing can be described as transaction-based marketing.

SWOT analysis refers to an examination of a firm that is limited to the variables of its stability, work ethic, organizational structure, and technological expertise.

Firms focus on acquiring new customers rather than retaining existing customers, as new customers account for nearly 70 percent of new business for a firm.

According to relationship marketing, firms must apply higher standards of customer satisfaction to external customer relationships over intradepartmental relationships.

While many firms claim to have adopted the marketing concept, there is little evidence that a strong market orientation contributes to market success and overall performance.

Relationship-building goals and strategies are seldom included in the plans of business firms.

A statement such as “to hit the 300 employee mark by the end of the year” is typically a part of a mission statement.