Buisiness 9

Managers develop a plan to hire workers from a temporary agency during flu season in case regular employees are ill. This is an example of a _________ plan. A. strategic B. operational C. contingency D. Tactical

C

A ___________ analysis is an evaluation of the political, economical, social, and technological factors in a certain market or geographical region that may affect the success of a business

PEST

something to be achieved in a specific period of time is called a

goal

SWOT analysis

identification of an organization's strengths, weaknesses, opportunities, and threats

A _________ analysis is the process of gathering and analyzing information about markets, customers, industry trends, new technology, and competing businesses to help plan for the future of an organization

market

revenue

money a business makes from the goods and services it sells

Two forms of operational plans are single-use plans and _________ plans

on-going

mission statement

organization's message to customers about why the business exists

a __________ is a set of rules and regulations that guide the decision-making process

policy

research conducted by a researcher or someone within an organization is called

primary research

A _________ is a description of how to complete a task and how a policy will be carried out

procedure

a _________ analysis shows whether sales are increasing or decreasing in an organization and helps determine future sales goals

sales

A ____________ plan involves activities needed to implement strategic plans defined by senior management

tactical

competitive analysis

tool used to compare the strengths and weaknesses of a business with those of a competing business

business plan

written document that describes a business, how it operates, and how it makes a profit

Which of the following is NOT a factor in PEST analysis? A. profit B. economic C. social D. technological

A.

What does an environmental scan examine? A. factors inside a company that may affect success B. factors outside a company that may affect success C. an employee's prior work evaluations D. the past performance of a company

B

In most organizations, the plan to increase company sales by 5 percent a year for each of the next five years would most likely be written by ________. A. supervisory management B. senior management C. middle management D. a collaboration of employees

B.

A ___________ is usually created for each department and then combined for the organization as a whole A. policy B. schedule C. budget D. standard

C

What is a strategic plan? A. A backup plan to be used in case another plan does not prove productive B. plan that defines the day-to-day activities and tasks employees must perform to meet company goals C. broad plan designed to achieve the the long-term goals of an organization as a whole D. plan that involves activities needed to implement strategic plans defined by senior management

C

Which of the following factors are NOT typically evaluated in a competitive analysis? A. physical location B. pricing C. operational cost D. market share

C.

Which of the following is NOT a benefit of planning? A. Planning helps manage change B. Planning provides direction C. Planning is only done once a year and does not involve most managers D. Planning results in more effective resource allocation

C.

What type of plan is designed to achieve the long-term goals of an organization? A. contingency B. tactical C. operational D. strategic

D

Which of the following is an example of a SMART goal? A. I will start a business selling antiques B. I will prepare to run a marathon by running every day C. To be able to buy a new laptop by fall next semester, I will get a part time job D. To get a job as an accountant within the next six years, I will go to college, major in accounting, attend job and career fairs, apply for an internship, then apply for open accounting positions

D

PEST analysis

Evaluation of the political, economical, social, and technological factors in a certain market or geographic region that may affect the success of a business

SMART goal

Goal that is specific, measurable, attainable, realistic, and timely

market share

a company's product sales as a percentage of total sales for that industry

contingency plan

backup plan that outlines alternative courses of action that can be taken if other plans prove unproductive or circumstances beyond control change

operational plan

defines the day-to-day tasks and activities that an employee must perform to meet company goals

budget

document that projects how much money is available and the expenses projected to be incurred for a specific period of time