The Planning Functions 4.1 & 4-2 Key Terms Quiz

A_______________________ is a written description of the nature of the business, its goals and objectives, and how they will be achieved

• SWOT analysis

• Business Plan

• Vision

______________________________________ refers to the special capabilities of a company that allow it to create a product or service that is measurably better than any competing company.

• Business Plan

• Mission

• Competitive Advantage

____________________________ is long-term and provides broad goals and direction for the entire business.

• Mission

• Operational planning

• Strategic planning

__________________________ is short-term and identifies specific goals and activities for each part of the business.

• Operational planning

• Strategic planning

• Business plan

________________________is the examination of the organization’s internal Strengths and Weaknesses as well as the external Opportunities and Threats.

• Business Plan

• SWOT analysis

• Goal

• Standard

________________________ is a short, specific statement of the business’s purpose and direction.

• Mission

• Vision

• Business Plan

• Goal

__________________is the company’s reason for existing.

• Mission

• Goal

• Vision

• Policies

______________________ is a specific statement of a result the business expects to achieve

• Schedule

• Budget

• Business Plan

• Goal

_________________________________is a written financial plan for business operations developed for a specific period of time.

• Goal for money

• Planning Tools

• Financial Plan

• Budget

__________________________ is a time plan for reaching objectives.

• Time Management

• Schedule

• Planning

• Goal