Questions and Answers
What is the main difference between Vision and Mission in strategic planning?
Vision is about what the enterprise wants to become, while Mission is about the purpose of the organization
What does SWOT analysis focus on during strategic planning?
Strengths, Weaknesses, Opportunities, and Threats
What type of business does merchandising involve?
Reselling products without changing their form
Which aspect does the Functional Scope focus on in strategic planning?
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What does Retailing involve as a type of business?
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What is the purpose of a business plan?
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What does the Business Enterprise Simulation course focus on regarding business ethics?
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Why is the choice of location for an enterprise considered critical?
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What aspect of the target market can be understood through market research?
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In a business plan, what does feasibility involve?
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Study Notes
Strategic Planning
- Vision is a statement that defines the desired future state of an organization, while Mission is a statement that defines the organization's purpose and primary objectives.
- SWOT analysis focuses on identifying an organization's Strengths, Weaknesses, Opportunities, and Threats during strategic planning.
Types of Business
- Merchandising involves buying and selling goods to make a profit, typically without transforming the products.
- Retailing involves selling goods directly to end-users, often in small quantities.
Business Planning
- The purpose of a business plan is to outline the company's goals, objectives, and strategies for achieving them.
- Feasibility involves assessing the practicality of a business idea, including its financial, operational, and market viability.
Business Enterprise Simulation
- The Business Enterprise Simulation course focuses on developing decision-making skills in a competitive business environment, with an emphasis on business ethics.
Location and Target Market
- The choice of location for an enterprise is considered critical because it can affect factors such as transportation costs, accessibility, and labor availability.
- Market research helps to understand the demographic characteristics, needs, and preferences of the target market.
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Description
Learn about the nature and importance of a business plan, and how it guides entrepreneurs in achieving their enterprise goals and objectives. Understand the elements involved in assessing both the possibility and feasibility of a business idea.
