If a firm now has an annual sales growth of 5 percent, a long-term plan could specify that growth would rise to 9 percent within five to seven years and a short-term plan could specify that sales growth would increase to 6 percent during the first year.

Question

Quizplus · Accepted Answer

A long-term plan outlines goals to be achieved over a longer period, such as five to seven years, and setting a target for sales growth to increase to 9 percent fits this definition. A short-term plan focuses on immediate goals, typically within a year, so aiming to increase sales growth to 6 percent in the first year aligns with the concept of short-term planning.

If a Firm Now Has an Annual Sales Growth of 5