Business Planning Flashcards

1
Q

Describe informal and formal planning

A

informal planning is planning that is passed down by word of mouth and is less detailed than formal planning

formal planning usually involves detailed and structured distribution of information along the hierarchy of a business’ workers and is a series of documents given to employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

outline the 3 different types of planning

A

strategic planning: describes the objectives of a business, broad strategies e.g resource allocation

tactical planning: outlines how to achieve the goals of business, how are the strategic plans executed?

operational planning: provides specific detail for tactical plans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

distinguish the difference between specific and directional plans

A

the difference between specific and directional plans are that strategic plans are much more defined and clear, with values and numbers set in place for the goals, while directional plans are less specific and more flexible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what is a SWOT analysis

A

a swot analysis is an analysis of a business of its strengths, weaknesses, opportunities and threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is direct competition

A

direct competition is a competing business selling or providing the exact same products/services as you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is the difference between a vision statement and a mission statement

A

a vision statement is your vision: what do you want to achieve

a mission statement is how you will achieve your vision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

breakeven analysis?

A

breakeven analysis= all costs/net profit

e.g if ur costs are 100k and ur net profit per burger is 5 dollars, then breakeven analysis is 100000/5 = 20000 burgers required to sell to break even.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

outline the types of control

A

feedforward control is prevention, e.g ensuring all machinery is clean
concurrent control is during, e.g workers overseeing machinery during a shift
feedback is after, e.g a worker examining a burger to see if its ok to sell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly