management activities 1 planning ch10

Question 1

what is planning

Answer 1

planning occurs when management looks to the futer and sets specific goals for the business

Question 2

What does smart stand for

Answer 2

Specific Measurable Achievable Relevant Timed

Question 3

Steps in planning process

Answer 3

Assess the current situation set a goal create a plan implement the plan review the plan

Question 4

Benefits of planning

Answer 4

1 anticipate problems 2 identifys strengths weaknesses opportunitys and threats 3 bench marking 4 improved motivation 5 finance

Question 5

stakeholder and planning

Answer 5

investor employee supplier

Question 6

Stake holders and planning investors

Answer 6

Financial planning can show Investors that business can repay loans borrowed, also shows projected sales and profits.

Question 7

Stakeholders and planning employees

Answer 7

Human resource planning can indicate future promotion opportunities, motivate employees work harder

Question 8

Stakeholders and planning suppliers

Answer 8

Strategic and tactical plans can indicate that business intends to expand, giving supplier opportunity to sell more raw materials to business