8 planning management activities

Question 1

planning

Answer 1

sets goals and objectives for the business to achieve in the future

comes up with strategies to achieve these objectives

Question 2

planning 1

Answer 2

SWOT

Question 3

strength

Answer 3

internal attributes and resources that support a successful outcome
aspects that the business is good at
can be developed into a competitive advantage
e.g strong brand
skilled workforce

Question 4

weaknesses

Answer 4

internal aspects of a business that are underdeveloped and could damage the success

work ahainst a successful outcome of a business

eg poor credit control obsolete technologies

Question 5

opportunities

Answer 5

external factors which a business could use to its afvantage
factors outside the business which have the abikity to benefit the business
eg falling exchange rate
strong economy

Question 6

threats

Answer 6

external factors that could jeopardisw the business
could have negative impact on a business
eg EU regulations
shoetage of raw materials

Question 7

samsung strengths

Answer 7

wide product range

strong brand

loyal customers

Question 8

samsung weaknesses

Answer 8

high sellinf price

doesnt have it’s own operating system

Question 9

samsung opportunities

Answer 9

increased demand in developing countries like Thailand

new product features

Question 10

samsung threats

Answer 10

sayurated market in developed countriws

strong competition

difficult to keep up with rapid changes

Question 11

planning 2

Answer 11

set objectives

goals that a business wants to achieve
objectives are set after a swot

Question 12

planning 3

Answer 12

devise strategies
plans of actuon that set out the steps that a business must take to achieve its objectives
there are three main types

Question 13

low cost leadership strategy

Answer 13

keeps costs low
sell products as cheaply as possible. This attracts price conscious consumers. Sales and profits increase
eg ryanair

Question 14

differentiation strategy

Answer 14

products are different
stand apart from competitors
this results in consumers liking the difference sales and profuts increase
egbrand names

Question 15

niche strategy

Answer 15

spot consumers with a specific need
make a product tailored to their needs
this results in increased sales and profits
eg ferrari

Question 16

planning 4

Answer 16

implement the plan
plan into action
break it into jobs for employees 
communication of the plan is important
employees nust back the plan and belive in it

Question 17

planning 5

Answer 17

SMART
specific
measurable
achievable
relevant
timing

Question 18

type 1 manpower planning

Answer 18

enough workers
right skills
problems too many redundancy too little recruitment

steps
forecast future demant
calculate existing supply
adapt

Question 19

benefits of manpower planning

Answer 19

eliminates being overstaffed

abouds being understaffed

Question 20

type two cashflow forecasting

Answer 20

predicts expected cash inflow and cash outflow over a period of time
ensures a business will have sufficient cosrs to pay its bills in the future
short supply- have sale or cur doen on wages

Question 21

cashflow forecasting benefits

Answer 21

highlights deficits

highlights surpluses

Question 22

type three mission statement

Answer 22

overall objective of the business
reasons for the existence of the business
written document
contains whay the business does now
what the business will do
business beliefs and valuws

Question 23

type four strategic planning

Answer 23

long term 2-6 years
written by senior managers
mussion is broken into strategic plans

Question 24

type five tactical planning

Answer 24

short term plan 1 year
particular sector of the business
written bu middle managers
strategic plan is broken into tactical

Question 25

type six operational plan

Answer 25

all mgt

day to fay running of the business

Question 26

type secen contingency

Answer 26

plan for emergencues and unforeseen events

Question 27

advantages of planning

Answer 27

1guides the business
2 avoids future problems
3 eliminates the businesses weaknesses
4 secures caoital
5 motivates employees and mamagers
6 helps to create positive thinking between employees
7 ensures scarce recources are used eggectively
8 if plans are accurate sales and profits should increase

Question 28

importance of planning

Answer 28

1 business environment is dynamic

2 need to be up to date with changes
3 monitor consumer patterns of spending
4 competition is high
5 starf must be continuously trained