DECA CHAPTER 3- PLANNING

Goal

something to be achieved in a specified timeframe

SMART goal

Specific

Measurable

Attainable

Realistic

Timely

Strategic Plan

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

Tactical Plan

plan involving activities needed to implement strategic plans defined by senior management

Operational Plan

a plan that defines day-to-day tasks and activites that employees must perform to meet company goals

Contingency Plan

a backup plan that outlines alternative courses of action to take if other plan 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 the organization or an outside agency that provides the 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 same customers

Competitive Analysis

a tool used to compare the strengths and weaknesses of a business with those of competng businesses

Revenue

money that the business makes from goods and services it sells; also called income or sales

Sales Forcast

prediction of future sales based on past sales and market analysis for a specific period of time; also called projection

Managment Information System (MIS)

an integrated system of computer hardware and software that gathers information and presents it in manner to be used in the decision-making process

Strategic Plan

Designed to achieve long-term goals of an organization as a whole

Strategic Planning Process

1. Review Mission and vision statements

2. Establish organizational goals

3. Conduct situation analysis

4. Formulate strategic plan

Mission Statement

organization’s message to customers about why businesses exists

Vision Statement

what businesses aspires to accomplish

Business Plan

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

Planning Tool

an instrument that guides plan into action; SWOT Analysis

SWOT Analysis

identification of organization’s strengths, weaknesses, oppurtunities, 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

a strategy or action planned to reach end goal

Budget

a financial plan that relfects anticipated revenue in numerical terms and shows how it will be allocated in operation of businesses

Schedule

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

Policy

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

Procedure

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