chapter 3 Planning vocab

Goal

Somthing to be achieved in a specified time frame

SMART goal

Specific, Measurable, Attainable, Realistic, Timley

Strategic plan

A plan designed to achieve long-term goals of organization as a whole

Tactical plan

A plan involving activities needed to impliment strategic plans defined by senior management

Operational plan

a plan that defines day-to-day tasks and activities that employees must preform to meet company goals

Contingency plan

Backup plan that outlines alternative courses of action to take if other plans prove unproductive or circumstances beyond control change.

Market research

gathering and analyzing information to help make sound marketing decisions

Primary research

first hand research conducted by researcher either someone in an organization or outside agency to provide market research.

Secondary Research

data already collected and recorded by someone else and others can use it.

Competition

two or more businesses attempting to attract some customers

Competitive analysis

tool used to compare the strengths and weaknesses

Revenue

money that buisness makes from goods and services it sells also called income or sales

sales forecast

or projection, is prediction of future sales based on past sales and market analysis for specific time period

Management Information System (MIS)

intergrated system of computer hardware and software that gathers informatuon and presents it in manner ot be used in decision-making process

strategic planning process

designed to achieve long-term goals of organization as a whole

Mission statement

organization’s message to customers about why business exists

Vision statement

what business aspires to accomplish

Business plan

written document that describes a business, how it operates, and how it makes a profit

Planning tool

nstrument that guides plan into action

SWOT analysis

identification of organization’s strengths, weaknesses, opportunities, and threats

PEST analysis

evaluation of political, economic, social, and technological factors in a certain market or geographic region that may affect success of business

Tactic

is strategy or action planned to reach end goal

budget

which is a financial plan that reflects anticipated revenue in numerical terms and shows how it will be allocated in operation of business

Schedule

plan that identifies time and resources needed to complete tasks and activities

Policy

is set of rules and regulations that guide the decision-making process

Procedure

description of how to complete a task and how a policy will be applied