Unit 1 ASO2 - KK8-KK11

Question 1

SWOT analysis

Answer 1

S-what are our strengths?
W-what are our weaknesses?
O-what are our opportunities?
T-what are our threats?

Question 2

Business Plan

Answer 2

A written statement of the goals and objectives for a business, and the steps to be taken to achieve them - it’s a summary and an evaluation of the business concept.

Question 3

Business plan - pros and cons

Answer 3

Pros:
-maintain business operation, goals, and operations
-Strengths and weaknesses of a business
-Indicates owners’ ability and level of commitment.
-Test viability of the business

Cons:
-Does not guarantee success
-Must be implemented as you can’t neglect your plan
-Time consuming to develop

Question 4

What’s in a business plan?

Answer 4

-Executive summary
-Operations plan
-Financial plan
-Marketing plan

Question 5

Corporate social responsibility

Answer 5

The businesses commitment to going above and beyond its legal obligations to promote employee wellbeing, community welfare, and enviromental preservation.

It aims to maximize profits without regard for its impact on people, community, and the environment, but rather to improve or a least limit the damage that it does to society and the environment.

Question 6

With corporate social responsibility

Answer 6

-attract new customers more easily
-improve staff morale, leading to a more productive workplace and higher retention rate.

Question 7

Without corporate social responsibility

Answer 7

-run the risks of customers boycotting them
-have distracted employees who may leave the business and make it more expensive to hire new staff due to damaged reputation.

Question 8

CSR cons?

Answer 8

-can be expensive
-can be time consuming
-does not guarantee good reputation for a business

Question 9

Ways businesses can be more CSR?

Answer 9

Enviromental issues:
-environmental audit
-use recycling and waste reduction measures
-use sustainable resources

Customer issues:
-conduct surveys, focus groups
-offering unexpected benefit, loyalty benefits, trials
-24/7 service
-Handwritten thank you notes
-involvement in the community

Staffing issues:
-offering health insurance and wellness programs
-pay for professional development and training programmes
-opportunities for staff to get involved in business decision making