Planning Process
What is the first step in the planning process?
Set goals
What type of plan is usually completed within one year?
Short-term plan
What is strategic planning?
Planning for the long-term direction of a business
What is a to-do list used for?
Organizing tasks
What does the "S" stand for in SWOT?
Strengths
Why do businesses create plans?
To achieve goals and reduce uncertainty
What type of plan focuses on several years into the future?
Long-term plan
What strategy focuses on selling existing products in existing markets?
Market penetration
What does prioritizing mean?
Deciding which tasks are most important
Are opportunities internal or external factors?
External
What is the final step in the planning process?
Evaluate results and make adjustments
Which type of plan outlines daily business activities?
Operational plan
What strategy involves creating new products?
Product development
Name one benefit of good time management
Less stress, increased productivity, meeting deadlines, etc
Give an example of a weakness for a business
Lack of money, poor location, limited staff, etc
What should a business do after setting goals?
Develop a plan of action
Which type of plan focuses on achieving major company goals over several years?
Strategic plan
What strategy involves selling existing products in new markets?
Market development
What is procrastination?
Delaying or putting off tasks
Which parts of SWOT are internal factors?
Strengths and Weaknesses
Why is monitoring progress important during the planning process?
It helps businesses stay on track and make changes if needed
What is the difference between a short-term plan and a long-term plan?
Short-term plans focus on immediate goals, while long-term plans focus on future goals
What strategy involves creating new products for new markets?
Diversification
Why is setting deadlines important for time management?
It helps keep tasks organized and completed on time
Which parts of SWOT are external factors?
Opportunities and Threats