PLANNING: process

Question 1

situational analysis

Answer 1

SWOT : internal /external
Market analysis : identify target market, needs of customer, how needs are currently been met

Question 2

organising resources steps

Answer 2

consider goals of business
determine tasks & groups with functions
allocate roles within functions/delegate

Question 3

monitoring/evalutions in planning

Answer 3

establish goals/objectives - monitor performance - evaluate performance - take corrective action

Question 4

what is monitoring

Answer 4

the process of meauring actual performance against planned performance

Question 5

what is evaluating

Answer 5

evault performance to determine whether the goals have been achieved
- three ares: sales, budget, profit

sales: reports provide statistical and financial info
budget: specify finanace needed/available for resources required to implement business plans
profits: indication of performance and determins future success of business - meassure based of gross profit, return of owners investment

Question 6

taking corrective action

Answer 6

small deviations: can be adjusted quickly to improve business performance
large variations: addressed by senior management, often take time, implement new strategies