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Managment Activities
Leaving Cert business
| Term | Definition |
|---|---|
| Forecasting | This is the anticipation of a probable event, involving the use of foresight and judgement. It is a look into the future= |
| Objectives | The objectives of an organisation are what it is trying to achieve= |
| Planning | Planning involves selecting organisational goals or objectives and setting out ways to achieve them= |
| Advantages of planning | Employee involvement: all people in the enterprise have a say in the development of the plan= |
| Advantages of planning | Change: is viewed as normal. Emphasis is placed on seeking out new opportunities= |
| Advantages of planning | Plan for the future: business planning helps organisations to look ahead to the future and cope with change= |
| Objectives must be SMART | Specific: must be clear, know who is to carry them out, what it is trying to achieve= |
| Planning procedure | Analyse the situation: before drawing up a plan a S.W.O.T. analysis of the company/situation should be carried out= |
| 2010 LCQ | What is meant by the term SWOT analysis? |
| Conduct a SWOT analysis on a business of your choice= | |
| SWOT analysis | this is a strategic planning method. It is used to assess a business in terms of strengths, weaknesses, opportunities and threats= |
| Ryanair Strengths | Brand name: Ryanair through its 17 years in the market place has developed a very well recognised brand name. |
| Internet site: 94% of its bookings are conducted on www.ryanair.com. This lowers the cost of bookings= | |
| Ryanair Weaknesses | Distance of some regional airports from advertised destination. |
| Prone to bad press= | |
| Ryanair Opportunities | A lot of new destinations opened up throughout the EU. |
| Economic slowdown actually helps Ryanair, consumers seek lower fares in recessionary times= | |
| Ryanair Threats | Dependence on oil markets, fuel costs huge threat to air travel. |
| Increase of low fare competition= | |
| S.W.O.T. Analysis | Strength: excellent staff, up-to-date machinery. |
| Weaknesses: not enough money, out-of-date machinery. | |
| Opportunity: new countries join E.U. | |
| Threat: competition from new E.U. countries= | |
| Planning procedure | Decide on objectives: the business should use the results of the SWOT analysis to help it set its objectives. These are the goals that the business wants to achieve= |
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athlonebusinessstudies
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