Lesson 6: Planning

Question 1

With a well-designed ______________, you can design more effective promotions and impactful campaigns, reach your customers with targeted advertising, and track your business success with analytics. Without one, you might as well throw your marketing budget down a well and hope for the best.

Answer 1

marketing plan

Question 2

A well-constructed ___________ can help to boost revenue, profit and customer satisfaction, while a poorly designed plan can cause production problems and perhaps even sink the company.

Answer 2

production plan

Question 3

Specific benefits of production planning include:

Answer 3

Knowledge
Customer Satisfaction
Efficiency

Question 4

A production plan provides a framework for understanding the resources and production steps required to meet customer needs.

Answer 4

Knowledge

Question 5

Production planning helps ensure that the company can make and deliver products to customers on time

Answer 5

Customer Satisfaction

Question 6

Detailed production planning reduces bottlenecks and helps minimize costs.

Answer 6

Efficiency

Question 7

Steps in making?

Forecast Product Demand
Map out production steps and options
Choose a plan and schedule production
Monitor and control
Adjust accordingly

Answer 7

PRODUCTION PLAN

Question 8

A business ___________ is an important tool for any size business. It gives business owners a road map to follow as they work to achieve their financial goals. The plan should be created with the help of a professional accountant or financial planner.

Answer 8

financial plan

Question 9

What is the importance of this reasons?

1. can help business owners track their progress and make necessary adjustments
2. can provide valuable insights into a business’s financial health
3. can help business owners secure financing from lenders or investors

Answer 9

importance of business financial plan

Question 10

Importance of what?

Increasing productivity
Implementing managerial activities
Motivating employees
Increasing productivity
Avoiding manpower shortage and excess
Evaluating demand and supply of resources
Increasing quality of hire
Growing a competitive advantage

Answer 10

Importance of Human Resource Planning

Question 11

The_____________ process contains systematic steps that drive effective management of human resources. It is sometimes referred to as the process of human resources planning or manpower planning.

Answer 11

Human Resources Planning (HRP)