Business Planning Flashcards
1
Q
What is a business plan?
A
It is a logical decision making process based on market analysis and forecasting to set a company’s goals and objectives. The plan is continuously updated using a
feedback system and measuring performance
2
Q
What is a SWOT analysis?
A
It is a structured analysis of the market (demand side). It is used to analyse internal strength and weaknesses and external threats and opportunities to exploit strengths
and opportunities and mitigate weaknesses and threats.
3
Q
What is a PEST analysis?
A
This is a structured method of analysing the key factors influencing markets (thedemand side).
These factors are;
* Political influences
* Economical influences
* Socio-demographical influences
* Technological influences
* Environment
