Stratergy and Implementation Flashcards
1
Q
Why is Planning important for a business?
A
- It ensures the future success of a business
2
Q
What tools does planning involve?
A
- Decision trees
- Critical Path Analysis
- Investment Appraisal
3
Q
What must a business consider when planning?
A
- New products
- Changes in their markets
- Cashflow
- Investment decisions
4
Q
What usually happens to a business that doesn’t plan?
A
- Taken over by competitors
- Profits are affected
5
Q
What are OBJECTIVES?
A
- Is set by a business in an attempt to reach a particular goal
6
Q
What is a STRATERGY?
A
- Is an action plan that a business puts in place to reach its objectives
7
Q
What is a TACTIC?
A
- Is a particular step a business takes to reach its stratergy
8
Q
In order to create a strategy plan, what information must be taken?
A
- An internal and external audit of the business
9
Q
When taking information for a strategy plan, what must the INTERNAL audit look at?
A
- Strengths and Weaknesses
10
Q
When taking information for a strategy plan, What must the EXTERNAL audit look at?
A
- Opportunities and Threats
11
Q
Example of what an internal audit will look at.
A
- People (labor turnover & Motivation)
- Marketing (Sales)
- Operations Management (Productivity)
- Financial (Profitability)
12
Q
What is the purpose of an internal audit?
A
- Is to provide accurate information about each department, and is curated using statistical data.
13
Q
Give 3 External Factors which may affect a business?
A
- Competition
- Law
- Economic Issues
14
Q
What factors can have an impact on how a business operates?
A
- Political
- Economic
- Social
- Technological
P.E.S.T
15
Q
What examples of Political factors impact a business?
A
- Legislation on employment
- Health & Safety
- Taxation
- Government subsidies for being environmentally friendly and ethical
