Chapter 23 - Planning Flashcards
(15 cards)
What is a Business Plan?
A document outlining a business’s goals and how it intends to achieve them.
A business plan serves as a roadmap for the business, detailing its strategies and objectives.
Define Aims in a business context.
General long-term goals of a business.
Aims provide direction for the business’s overall strategy.
What are Objectives?
Specific, measurable targets to help achieve overall aims.
Objectives break down aims into actionable steps.
What does SMART stand for in relation to objectives?
Specific, Measurable, Achievable, Realistic, and Time-bound.
SMART criteria help ensure that objectives are clear and attainable.
What is a Mission Statement?
A brief statement of a business’s purpose and values.
The mission statement communicates the essence of the business to stakeholders.
Define Strategy in a business context.
A long-term plan to achieve business objectives.
Strategies guide the allocation of resources and efforts towards achieving goals.
What are Tactics?
Short-term actions to implement strategy.
Tactics are specific actions taken to achieve strategic goals.
What is Operational Planning?
Day-to-day planning that supports tactical and strategic goals.
Operational planning ensures that daily activities align with the broader strategy.
Define Contingency Planning.
Planning for unexpected events or emergencies.
Contingency plans help businesses respond effectively to crises.
Who is an Entrepreneur?
A person who starts and runs a business, taking financial risks.
Entrepreneurs are often innovators who drive economic growth.
What is a Sole Trader?
A business owned and run by one person.
Sole traders have full control over their business and its profits.
Define Partnership.
A business owned by two or more people sharing profits and responsibilities.
Partnerships can vary in structure and liability.
What is a Business Model?
A plan for how a business will generate revenue and profit.
Business models outline the value proposition and revenue streams.
What is a Start-up?
A newly established business.
Start-ups often focus on innovation and growth.
What is Market Research?
The process of gathering information about market needs and preferences.
Market research informs business decisions and strategies.
