Podcast
Questions and Answers
Which of the following best describes the primary purpose of strategic planning for a small business?
Which of the following best describes the primary purpose of strategic planning for a small business?
- To track short-term sales performance.
- To manage employee schedules.
- To create daily operational procedures.
- To define goals, determine direction, and allocate resources for long-term objectives. (correct)
A company's mission statement should primarily focus on its long-term aspirations and future vision.
A company's mission statement should primarily focus on its long-term aspirations and future vision.
False (B)
What are the four components analyzed in a SWOT analysis?
What are the four components analyzed in a SWOT analysis?
Strengths, Weaknesses, Opportunities, and Threats
A well-crafted vision statement should be clear, inspiring, and focused on the ______.
A well-crafted vision statement should be clear, inspiring, and focused on the ______.
Match each component of SWOT analysis with its correct description:
Match each component of SWOT analysis with its correct description:
A small bakery identifies 'rising ingredient costs' as a factor affecting their business. In a SWOT analysis, this would be categorized as a:
A small bakery identifies 'rising ingredient costs' as a factor affecting their business. In a SWOT analysis, this would be categorized as a:
Business strategies should be developed independently of the company's mission to allow for flexibility.
Business strategies should be developed independently of the company's mission to allow for flexibility.
Which statement best describes the relationship between a firm's mission and its strategies?
Which statement best describes the relationship between a firm's mission and its strategies?
Which of the following actions best exemplifies the strategic role of Human Resource Management (HRM) in a company aiming for competitive advantage?
Which of the following actions best exemplifies the strategic role of Human Resource Management (HRM) in a company aiming for competitive advantage?
Adapting products to align with local cultural preferences is an unnecessary step when pursuing a global expansion strategy.
Adapting products to align with local cultural preferences is an unnecessary step when pursuing a global expansion strategy.
A bakery wants to strengthen customer relationships and encourage repeat business. What is one effective networking technique they could implement?
A bakery wants to strengthen customer relationships and encourage repeat business. What is one effective networking technique they could implement?
Using _______ _______ for market insights allows businesses to make better decisions based on data-driven insights.
Using _______ _______ for market insights allows businesses to make better decisions based on data-driven insights.
Match the following ICT tools with their primary benefit for achieving competitive advantages:
Match the following ICT tools with their primary benefit for achieving competitive advantages:
A company is looking to improve its customer service as a strategic tool. Which approach would likely be most effective?
A company is looking to improve its customer service as a strategic tool. Which approach would likely be most effective?
Maintaining financial stability is not a core role of the financing function in a company.
Maintaining financial stability is not a core role of the financing function in a company.
Which of the following is NOT a reason for a business to consider going global?
Which of the following is NOT a reason for a business to consider going global?
Flashcards
Strategic Planning
Strategic Planning
A structured process to define business goals and direction.
Vision Statement
Vision Statement
Describes the long-term aspiration of a business.
Mission Statement
Mission Statement
Explains the current purpose and audience of the business.
SWOT Analysis
SWOT Analysis
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Strengths in SWOT
Strengths in SWOT
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Weaknesses in SWOT
Weaknesses in SWOT
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Opportunities in SWOT
Opportunities in SWOT
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Threats in SWOT
Threats in SWOT
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Brand Awareness
Brand Awareness
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Human Resource Management (HRM)
Human Resource Management (HRM)
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E-commerce Platforms
E-commerce Platforms
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Data Analytics
Data Analytics
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Going Global Strategy
Going Global Strategy
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Loyalty Programs
Loyalty Programs
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Customer Service Best Practices
Customer Service Best Practices
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Study Notes
Strategic Planning for Small Businesses
- Strategic planning is a structured process where businesses define goals, determine their direction, and allocate resources to achieve long-term objectives.
- It helps businesses anticipate market changes, optimize resource use, and maintain a competitive advantage.
- Vision statements describe the long-term aspirations, while mission statements explain the current purpose, target audience, and approach to achieving goals.
Vision and Mission Statements
- Vision statements provide a future-focused guide.
- Mission statements explain the current purpose, target audience, and approach to achieving goals.
- They guide strategic decision-making, inspire employees and stakeholders, and communicate core business values.
- Vision statements should be long-term, clear, and inspiring.
- Mission statements should focus on purpose, audience, and strategy; be concise and actionable.
SWOT Analysis
- SWOT analysis is a tool to analyze internal and external factors affecting a business.
- Strengths are internal advantages (e.g., loyal customers, unique recipes).
- Weaknesses are internal areas for improvement (e.g., limited online presence).
- Opportunities are external market trends or gaps (e.g., demand for eco-friendly products).
- Threats are external challenges (e.g., rising competition).
Strategic Roles of Marketing, HRM, and Financing
- Marketing: builds brand awareness, drives sales, understands market trends.
- HRM: recruits and retains skilled employees, develops engagement programs, fosters a positive work culture.
- Financing: ensures access to capital, manages budgets, maintains financial stability.
ICTs for Competitive Advantages
- ICT tools like social media, e-commerce platforms, cloud computing, and data analytics help businesses enhance customer accessibility, streamline processes, and improve decision-making.
Going Global as a Strategy
- Benefits: access to larger markets, diversify revenue, build resilience against local market fluctuations.
- Key Strategies: partner with international distributors, utilize digital tools, adapt products to different cultures.
Networking Skills to Build Customer Loyalty
- Techniques: attend industry events, engage with customers online, create loyalty programs, build relationships with customers.
Customer Service as a Strategic Tool
- Importance: enhances customer satisfaction and retention, differentiates business from competitors.
- Best Practices: personalized support, multiple communication channels, collecting and acting on customer feedback.
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