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Questions and Answers
What does the business planning process involve?
What does the business planning process involve?
- Relying on guesswork, avoiding setting milestones, and ignoring internal weaknesses
- Outsourcing all operations, setting unrealistically high goals, and ignoring competition
- Diagnosing internal strengths and weaknesses, improving efficiency, and setting milestones for progress (correct)
- Focusing solely on short-term gains, neglecting efficiency, and avoiding competitor analysis
What is the purpose of business planning?
What is the purpose of business planning?
- To solely focus on immediate profits without long-term vision
- To blindly follow industry trends without a clear strategy
- To avoid competition and maintain the status quo
- To figure out the best roadmap for growth and document the plan for success (correct)
Why is it important to set milestones for progress in business planning?
Why is it important to set milestones for progress in business planning?
- To solely satisfy external stakeholders without benefiting the organization
- To create unnecessary pressure on the employees and hinder productivity
- To discourage innovation and maintain a stagnant work environment
- To have measurable indicators of success and track the company's advancement (correct)
