Business Management Chapter 4

What is a business plan?

• An oral description of what you want the business to be.

• A written description of the nature of the business, its goals and objectives, and how they will be achieved.

• A written explanation of how the business failed to meet its goals and objectives, and what the owner will do next.

• A written document that executives put together in order to justify their job.

What does SWOT stand for? (Select all that apply)

• Strengths, Weaknesses, Opportunities, Threats

• Specific, Winding, Obtuse, Tangential

• Situation, Weakness, Opportunistic, Threatening

• Stolen, Won, Obstacles, Teams

The five steps in strategic planning are: External analysis, __________ analysis, Mission, Goals, ___________.

• Internal; Strategies

• Other; Plans

• International; Sequences

• Internal; Strategery

The two levels of planning are Strategic and _______________.

A Vision Statement is?

• Short term

• Long term

• Informal plan

• Step by step plan

A planning tool that helps a business to not over spend.

• Schedule

• Budget

• Policy

• Procedure

A business plan is used to

• To think through your business ideas

• To find investors in your business

• To develop a marketing strategy

• To do market research

Which planning tool helps a business to define the behaviors of employees?

• Budget

• Schedule

• Procedure

• Standards

Strategic planning is meant for _________ goals

• Long-term

• Short-term

• Immediate

• part-time

An objective is a ___________ goal

• Short-term

• Strategic

• Long-term

• Distant