Business Planning Vocabulary

Removing work from one company & sending it to another company that can complete it at a lower cost is called

• rightsizing

• downsizng

• freelancing

• outsourcing

Which term refers to a detailed plan outlining the actions needed to reach one or more goals in business?

• Strategy

• Tactic

• Objective

• Vision

What is the term for a financial plan that estimates revenue and expenses over a specified future period?

• Budget

• Forecast

• Projection

• Analysis

In business planning, what does SWOT stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Strategies, Workflows, Objectives, Targets

• Systems, Work, Operations, Tactics

• Sales, Workforce, Output, Trends

Which word describes a company's unique position in the market that sets it apart from competitors?

• Differentiation

• Diversification

• Integration

• Segmentation

What is the term for a brief statement that summarizes a company's purpose and values?

• Mission Statement

• Vision Statement

• Value Proposition

• Executive Summary

Which of the following is a synonym for 'feasibility' in the context of business planning?

• Viability

• Flexibility

• Profitability

• Sustainability

What is the term for a detailed analysis of the potential risks and rewards of a business decision?

• Risk Assessment

• Cost-Benefit Analysis

• SWOT Analysis

• Market Research

Which term refers to the process of gathering and analyzing information about competitors?

• Competitive Analysis

• Market Segmentation

• Industry Benchmarking

• Customer Profiling

What is the term for a visual representation of a company's organizational structure?

• Organizational Chart

• Flowchart

• Blueprint

• Roadmap