Which step in the marketing planning process involves defining the firm's overall objectives?

Defining the firm's overall objectives is a crucial step in the marketing planning process and is encompassed within the phase known as defining the mission. This step focuses on articulating the organization's guiding principles, purpose, and overarching goals. By establishing a clear mission, the firm can delineate what it seeks to achieve, which serves as a foundation for subsequent planning phases.

A well-defined mission statement ensures that all marketing activities align with the broader objectives of the organization, guiding decisions related to market research, segmentation, and strategy implementation. It also provides a framework within which the company can assess its performance and adjust its strategic direction as needed to fulfill its goals.