Strategic planning: a. requires managers to set short-term goals to increase market share. b. involves integrating all of the promotional and marketing tools the firm plans to use to market their products and services. c. is the process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities. d. evaluates a firm's marketing activities and strategies using metrics and compares results with the goals or standards set for the market activities.

Consider the market for gas-powered small cars. assume gas-powered small cars are a normal good. for each of the following events, identify which of the determinants of demand or supply are affected. if demand is unaffected by this event because it creates only a supply change, select the “none” option under the “demand determinant” column. similarly, if supply is unaffected by this event because it creates only a demand change, select the “none” option under the “supply determinant” column. event demand determinant supply determinant people decide to have more children. the price of electric small cars falls. the discovery of a new source of iron ore lowers steel prices. an economic recession lowers people’s wealth. a number of major car dealers decide to switch from selling gas-powered cars to selling electric cars. show the effect of the following event on the market for gas-powered small cars: people decide to have more children for each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.