Business Planning

Question 1

What is a SWOT analysis?

Answer 1

Strengths (internal) (exploiting)
Weaknesses (internal) (mitigating)
Opportunities (external) (exploiting)
Weaknesses (external) (mitigating)

Question 2

What is a PESTLE analysis?

Answer 2

A structured method of analysing the key factors influencing market conditions.

Political
Economic
Socio-demographical
Technology
Environment
Legal

Question 3

What are Porters 5 Forces?

Answer 3

They are used to analyse the competitiveness of an industry and the barriers to entry.
1. Competitive rivals.
2. Potential for new entrants.
3. Customer power.
4. Supplier power.
5. Threat of substitutes.

Question 4

What is a business plan?

Answer 4

1. A formal statement of the business’s goals with reasons why they are thought to be attainable and the plan for reaching the goals.
2. The business plan also provides employers with a common ground to focus upon.

Question 5

What is contained within an appointment document?

Answer 5

1. Clarification of the work scope.
2. The agreed fee bid.
3. The firms terms of business.
4. Any agreed amendments to the firms terms of business.
5. Contact details.