University:
California State University, Northridge
Course:
FIN 430 | International Financial Management
Academic year:

2024
Views:

122

Pages:

7
Author:

customer-8475111

Planning Basics Worksheet Name: Noah Rodriguez Date: 10/31/25 Essential Question Review Why is planning necessary for an organization? (Refer to the benefits discussed in the text.) Part 1: Key Terms Matching Match the key term with its correct definition by writing the letter on the line. Term 2. H: Goal Definition A. A prediction of future sales based on past sales and market analysis. 3. F: Strategic Plan B. A plan that defines the day-to-day tasks and activities employees must perform. 4. J: SMART Goal C. Gathering and analyzing information to help make sound marketing decisions. 5. I: Contingency Plan D. Research conducted firsthand by a researcher (e.g., surveys, focus groups). 6. C: Market Research E. Money that a business makes from selling goods and services. 7. D: Primary Research F. A plan designed to achieve the long-term goals of the organization as a whole. 8. B: Operational Plan G. Data that someone else already collected but can be used by others (e.g., industry statistics). 9. E: Revenue H. Something to be achieved in a specified timeframe; a desired outcome or target. 10. G: Secondary Research I. A backup plan that outlines alternative courses of action if other plans fail. 11. A: Sales Forecast J. A goal that is Specific, Measurable, Attainable, Realistic, and Timely. Part 2: Planning Concepts & Application Summarize the Planning Function of Management (Learning Outcome 3.1-1). Discuss the purpose of establishing goals (Learning Outcome 3.1-2). Identify and describe the three main types of plans prepared by management (Learning Outcome 3.13). Type 1: Operational Plan Type 2: Strategic Plan Type 3: Tactical Plan Explain the two types of market research used for planning (Learning Outcome 3.1-4). Type 1: Secondary Research Explanation: Information gathered from various sources . It can be analyzed to guide business strategies. Type 2: Primary Research Explanation: Insights into customer or product specifics are obtained through direct methods like surveys, focus groups, or interviews. Cite two specific examples of data analysis used for planning purposes (Learning Outcome 3.1-5) and briefly explain their function. Example 1: Competitive Analysis Example 2: Market Analysis SMART Goal Application: A manager sets the following goal: "Our department needs to improve customer satisfaction." Analyze this goal against the five SMART criteria and suggest one revision to make it more effective. SMART Criterion Does the goal meet it? (Yes/No) Why or Why Not? Specific No It doesn’t say in what area or how much. Measurable No There is no percentage or metric to measure the progress. Attainable Yes Improvement is workable with resources and effort. Realistic Yes It’s an achievable goal and fair. Timely No There was no deadline or period provided. Suggested Revision: Boost customer satisfaction survey scores by 15% within a five-month period through enhanced response times and improved staff training.