planning is an essential part of managing an enterprise. "Strategic" plan is developed as a guide during the planning process for major policy setting and decision making.
What is Strategic plan?
Business executives use the process of strategic planning to determine the aims and objectives of their organisation as well as their long-term vision. Establishing the order in which these objectives should be accomplished can help the organisation achieve its stated vision. Although it can run longer, strategic planning frequently addresses objectives with a life cycle of three to five years. A business plan may cover a time frame of several years to several months.
Why is strategic planning important?
For firms, organisational direction and goals are crucial. Strategic planning offers that kind of guidance. A strategic plan essentially serves as a roadmap for accomplishing organisational goals. It is impossible to tell if a company is on track to achieve its goals without such guidance.
The following four factors should be taken into account when creating a strategy.
1) The mission
2) The goals
3) Alignment with short-term goals.
4) Evaluation and revision.
What are the steps in the strategic planning process?
Depending on the sort of business and the level of granularity necessary, there are a plethora of different approaches to strategic planning. These five steps can be used to outline most strategic planning cycles:
1) Identify
2) Prioritize
3) Develop
4) Implement
5) Update
To learn more about Strategic planning
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Answer:
Difference= $1,000 increase
Explanation:
Giving the following information:
Selling price per unit: $30
Variable expenses per unit: $21
New selling price= 30 - 2= $28
New units sales= 13,000
<u>First, we need to calculate the current contribution margin:</u>
Total contribution margin= units sold*unitary contribution margin
Total contribution margin= 10,000*(30 - 21)
Total contribution margin= $90,000
<u>Now, the new contribution margin:</u>
Total contribution margin= 13,000*(28 - 21)
Total contribution margin= $91,000
Complete Question:
Fed up with her working conditions at the call center, Lisa decides to invest in a state-of-the-art sewing machine and produce limited quantities of her own clothing designs. After a few months of operation, she decides to apply some of the forecasting techniques she mastered in school. Which of these statements about her forecasts is correct?
- Her forecasts will probably be 100% accurate.
- Her demand forecasts for a year from now will probably be more accurate than her demand forecasts for three months from now.
- Her demand forecasts for each style of skirt will be less accurate than her demand forecasts for all skirts.
- The best way for her to determine the amount of fabric she needs is to forecast it based on her customer orders for each type of skirt.
Answer:
Option 4 is the correct answer
Explanation:
Because the only best way to forecast the amount of fabric required for the is dependent upon the number of customer orders for each type of skirt she receives.
Remember that the forecasting cannot be 100% correct because we human and we cannot tell the future with 100% surety. All we can do is guessing what would happen.
With the help of past data we can better estimate the demand. As their is no past data available we can make a reliable forecast of the skirt sales.
Option 3 is also incorrect because forecasting is dependant upon the reliable source of information which helps in estimating what would happen. Estimating single or combined sales is not a reliable source of information.
Answer:
A
Explanation:
A regressive tax is a tax system where the same tax rate is applied uniformly. As a result, those earning less income are taxed higher than those earning more income.
Sales tax is an example of a regressive tax.
If sales tax is 5%. Worker A earns $100 and worker B earns $1000. Both buy a good worth $50 before tax. the sales tax is worth $2.5.
The tax comprises $2,5 / 100 = 2.5% of worker A's income and $2,5 / $1000 = 0.025% of Worker B's income.
It can be seen that worker A who earns less income is taxed higher
