Planning Strategy (AQA A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Strategic planning
Strategic planning
Systematic process using analysis to create effective strategy
Strategy
Strategy
Plan to achieve corporate objectives
Corporate objectives
Corporate objectives
Long-term goals of organisation
Strengths (internal analysis)
Strengths (internal analysis)
What the business does well
Weaknesses (internal analysis)
Weaknesses (internal analysis)
Areas where business underperforms or lacks capability
Opportunities (external analysis)
Opportunities (external analysis)
Favourable external conditions that could be exploited
Threats (external analysis)
Threats (external analysis)
External challenges/risks that could harm the business
PESTLE acronym stands for
PESTLE acronym stands for
Political, Economic, Social, Technological, Legal, Environmental
Sensitivity analysis
Sensitivity analysis
Tests assumptions & predicts performance if they change
Contingency planning
Contingency planning
Outlining actions if unexpected events happen