1.

The annual plan is a short-term plan that describes the current situation,

company objectives, the strategy for the year, the action program, budgets and

controls.

2. The long-range plan describes the primary factors and forces affecting the

organization during the next several years. It includes the long-term objectives,

the main marketing strategies used to attain them, and the resources required.

This long-range plan is reviewed and updated each year so [hat the company

always has a current long-range plan. The company's annual and long-range

plans deal with current businesses and how to keep them going.