Objectives, Strategy and Tactics

Question 1

The 4 MAIN Business Objectives are?

Answer 1

1. SURVIVAL
2. BREAK EVEN
3. PROFITABILITY
4. EXPANSION

Question 2

BREAK EVEN meaning?

Answer 2

It is when total costs and total revenue are EQUAL to each other. When there is no gain or loss!

Question 3

What is a STRATEGY?

Answer 3

An ACTION PLAN

Question 4

Why do businesses need a TACTIC?

Answer 4

to achieve its STRATEGY

Question 5

To formulate a STRATEGIC PLAN, many aspects of the business must be considered. What these factors mainly involve?

Answer 5

INTERNAL and EXTERNAL AUDITS
(SWOT) : STRENGHTS WEAKNESSES OPPORTUNITIES THREATS

Question 6

The internal audit helps a business to assess its STRENGHTS and WEAKNESSES in relation to what?

Answer 6

in a relation to its COMPETITORS

Question 7

What is the PURPOSE of audit?

Answer 7

to provide accurate data about each department, it is best to use STATISTICAL DATA

Question 8

Key areas of CONCERN for businesses?

Answer 8

POLITICAL and ECONOMICAL, because of the impact they have on consumer demand.

Question 9

Stakeholder

Answer 9

a person or party with an interest in the success of a business