Topic 2 - Business planning Flashcards
long term goal
strategic - over 3 years
medium term goal
tactical - around 1 year
short term goal
operational - months or weeks
production process
inputs - transformation - outputs
Quality control
products checked as they are produced randomly
Quality assurance
set standards
continuous improvement
Process of making ongoing improvements to products, services, or processes through changes that occur incrementally or all at once.
marketing mix (marketing strategy)
product, place, promotion, price, people, processes, physical evidence.
target market
mass, niche, segmented approach
promotion
print advertising, social media marketing, mention they are forms of promotion
price
cost based, competition, market based
Physical evidence
e.g. mecca, colorful, enticing, aesthetics
Source of finance
debt (loans), equity (owners or shareholder)
Debt (loans)
short term: commercial bill, overdraft
long term: mortgage, lease, debentures.
Equity (shareholders, owners)
Owners: What the owners put into the business (capital, retained profit)
Shares: can only be used by private or public companies.
