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Planning LC Business
Management Activity
Question | Answer |
---|---|
Define Planning | Clearly setting out long and short term objectives and the way by which these will be achieved. |
What is strategic planning? | Long term plan for the whole business drawn up by senior management and based on an organisation's main purpose (over 5 years) |
What is tactical planning? | Short term plan - breaks up the general strategic plan down into shorter, more specific and manageable steps, drawn up by middle management (1 year) |
What is SWOT? | Strengths, Weaknesses, Opportunities, Threats |
List the 4 steps in the planning process | Analyse the situation, Identify the goal, Draft a plan, Implement/Review |
What is a SMART plan? | Specific, Measurable, Achievable, Realistic, Timed |