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Questions and Answers
Which factors can influence a sales forecast according to the text? Select all that apply.
Which factors can influence a sales forecast according to the text? Select all that apply.
What is the purpose of a strategic plan in a business?
What is the purpose of a strategic plan in a business?
To provide a clear direction to follow, ensuring the attainment of goals, providing value to customers, and achieving success.
Markup is calculated by multiplying the cost per unit by the desired ________.
Markup is calculated by multiplying the cost per unit by the desired ________.
markup
What is a Business Model Canvas (BMC) according to Creately's article in 2022?
What is a Business Model Canvas (BMC) according to Creately's article in 2022?
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What are the nine (9) components of a Business Model Canvas (BMC)?
What are the nine (9) components of a Business Model Canvas (BMC)?
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Return on Investments (ROI) compares income or profit after taxes to total stockholder's equity.
Return on Investments (ROI) compares income or profit after taxes to total stockholder's equity.
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Business permits and licenses are not required when launching a business in the Philippines.
Business permits and licenses are not required when launching a business in the Philippines.
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To acquire all necessary permits and licenses for a business in the Philippines, one must have a Tax Identification Number (TIN) issued by ________________.
To acquire all necessary permits and licenses for a business in the Philippines, one must have a Tax Identification Number (TIN) issued by ________________.
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What is the formula for Return on Investment?
What is the formula for Return on Investment?
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What does the Operating Income Ratio show?
What does the Operating Income Ratio show?
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What does the Return on Assets (ROA) measure?
What does the Return on Assets (ROA) measure?
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Debt Ratio is calculated as Total Liabilities / _________.
Debt Ratio is calculated as Total Liabilities / _________.
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A higher Debt-to-Equity Ratio indicates less leverage and a stronger equity position.
A higher Debt-to-Equity Ratio indicates less leverage and a stronger equity position.
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Study Notes
Business Implementations and Forecasting
- Business implementations are crucial for achieving business goals and objectives.
- A strategic plan provides a clear direction, ensuring the attainment of goals and value to customers.
- Effective business implementation can be a powerful tool for gaining a competitive advantage.
Forecasting
- Forecasting involves using past and present data to make predictions about future events or trends.
- It helps businesses identify risks and opportunities and allocate resources efficiently.
- Factors to consider in sales forecasting include competition, macroeconomics, events, law, season, and employees.
Creating a Sales Forecast
- A sales forecast estimates the number of goods and services a business can sell over time.
- It includes the cost to produce and sell goods and services and the estimated profit.
- Formulas for sales forecasting:
- Markup = Cost per unit x Desired Markup
- Selling Price = Cost Per Unit x Markup Price
- Projected Daily Revenue = Selling Price x Volume of Items Sold
- Projected Items Sold Monthly = Items Sold Daily x 30 Days
- Projected Monthly Revenue = Selling Price x Projected Items Sold Monthly
- Projected Items Sold Annually = Items Sold Monthly x 365 Days
- Projected Annual Revenue = Selling Price x Projected Items Sold Annually
Ratio Analysis
- A financial ratio compares two numbers from a company's financial statements to show their relationship.
- Types of ratios include:
- Profitability Ratio (e.g., Return on Investments, Operating Income Ratio)
- Financial Health Ratio (e.g., Debt Ratio, Debt-to-Equity Ratio)
- Liquidity Ratio (e.g., Quick Ratio, Current Ratio)
Value Chain Analysis (VCA) Model
- The value chain represents a firm's internal activities when transforming inputs into outputs.
- The VCA model is applicable for both product and service types of business.
- Primary activities include:
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Support activities include:
- Firm infrastructure
- Human Resource Management
- Technology Development
- Procurement### Business Management
- Involves advertising, promotion, and pricing channel relations
- Includes service, installation, repair, and parts
- Consists of secondary activities such as firm infrastructure, human resource management, technology development, and procurement
The People Strategy
- A prioritized plan to attract, develop, retain, and inspire the workforce
- Enables a business to be successful by aligning with company-wide goals
The Eight (8) R's of Human Resource Management
- Recruiting: finding and attracting potential resources for filling up vacant positions
- Routing: assessing the potential of recruits to contribute to the organization in various functions
- Retaining: holding on to people by providing just wages and work-life balance
- Resonating: emphasizing employees' alignment with company goals
- Reviewing: measuring and evaluating employee performance
- Rewarding: compensating employees for their work, loyalty, and accomplishment
- Retooling: re-orienting employees to new directions and creating a healthier corporate culture
- Recycling: allowing employees to change jobs or careers
Business Model Canvas
- A plan that outlines a company's financial goals
- Consists of nine components:
- Customer Segment: identifying target customer groups
- Customer Relationship: establishing relationships with customers
- Channels: ways to reach out to specific customer groups
- Revenue Streams: aligning with the business model's cost structure
- Key Activities: crucial actions to run the business smoothly
- Key Resources: necessary resources for each business model
- Key Partners: relationships with other people or organizations
- Cost Structure: focusing on innovation and developing a value proposition
- Value Proposition: meeting customers' needs or solving their problems
Business Permits and Licenses in the Philippines
- Bureau of Internal Revenue (BIR) Tax Identification Number
- Barangay Clearance: certifying compliance with barangay requirements
- Department of Trade and Industry (DTI) Business Name Registration Certificate
- Mayor's Permit/Business Permit: ensuring business safety and compliance with local ordinance
- Securities and Exchange Commission (SEC) Registration Certificate: for corporations and partnerships
- Additional permits required for businesses with employees, including Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), and Pag-IBIG
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Description
This quiz covers the importance of business implementations in achieving company objectives and the role of strategic planning in ensuring goal attainment.
