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business
management activities
| Term | Definition |
|---|---|
| planning | clearly setting out goals for an organisation and how these goals are to be achieved |
| stages in planning process | step 1: analye situation -> where are we now? step 2: identify goal -> where do we want to go? step 3: draft a plan -> how will we get there? step 4: implement plan and review -> break plan into manageable steps and review progress. |
| S.W.O.T analysis | management technique used to assess a business in terms of its strengths, weaknesses, opportunities and threats |
| S.W.O.T analysis | S-strengths:what the firm is good at doing. W-weaknesses:what the firm is bad at doing O-opportunities:possibility of expansion T-threats: external threats which the firm faces |
| Mission statements | short but precise one or two sentence statements used to summarise, "who we are, what we do, and where were headed" |
| Strategic plan | long term plan for the busnes- covers 5+ years |
| tactical plan | breaks down strategic plan into manageable steps.-one or two year periods |
| operational plan | short term plans that set targets for weeks or months ahead |
| contingency plan | special plans prepared to cope with unexpected circumstances or emergencies |
Created by:
c.murphy
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