GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a design for a company or organization in order to reach its long-term goals through planning organizing, execution and controlling of activities
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stands for strengths, weaknesses, opportunities and threats; a useful tool in helping a company determine where they stand compared to their competition
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occurs when a company operates in a more efficient manner than its competitors, which causes their sales to increase above other businesses
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rivalry between two or more companies within the same industry
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a contractual agreement combining two businesses to execute a certain business undertaking
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Detailed explanation-1: -SWOT Analysis SWOT analysis is a strategic planning tool and acronym for strengths, weaknesses, opportunities, and threats. It’s used to identify each of these elements in relation to your business. This strategic planning tool allows you to determine new opportunities and which areas of your business need improvement.
Detailed explanation-2: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives.
Detailed explanation-3: -A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals. A business plan lays out a written road map for the firm from marketing, financial, and operational standpoints. Both startups and established companies use business plans.
Detailed explanation-4: -Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.