Answer:
Separation and or termination in HR relates to the cessation of the relationship between employer and employee.
Separation and or termination of the contract may occur in the following ways:
1. Constructive Discharge
2. Firing
3. Layoff
4. Termination by Mutual Agreement
5. Termination with Prejudice
6. Termination without Prejudice
7. Involuntary Termination of employment contract
8. Voluntary Termination of employment contract
9. Wrongful Termination of employment contract
10. Cessation of Temporary Contracts
Explanation:
Regardless of the type of separation or termination which occurs, the business owner and the the HR manager must realize that the HR funnel must never run short of hands with which the organization will attain its goals/objectives.
Recognizing the times lines for contracts that are terminal in nature, anticipating and preparing for sudden separation and planning adequately for these occurrences using HR Planning enables the business to continue to thrive regardless of its rate of turnover.
Cheers
What is the term for a statement that identifies the rights that an employer wishes to maintain for itself and often accompanies initial employment assessments
Answer:
Disclaimer
Explanation:
A disclaimer is defined as a statement the defines the rights and obligations that can be enforced by various parties in a legal relationship like the one that exists between an employer and an employee.
Some disclaimers are aimed at maintaining rights for an employer often accompanies initial employment assessments.
For example an employer can specify that it has the right to lay off staff at any point in the employment based on a set.of conditions.
The estimated beta for RDG is 0.74. The risk free rate of return is 4 percent and the Equity Risk Premium is 5 percent. What is the required rate of return for RDG using the CAPM
Answer:
7.7%
Explanation:
Given :
Risk free rate of return = 4%
Risk premium = 5%
Estimated beta = 0.7
Using the CAPM relation :
The expected return = Risk free rate + (Risk premium * Estimated Beta)
Expected Return = 4% + (5% * 0.74)
Expected Return = 4% + 3.7%
Expected Return = 7.7%
Digby's Elite product Dug has an awareness of 72%. Digby's Dug product manager for the Elite segment is determined to have more awareness for Dug than Andrews' Elite product Able. She knows that the first $1M in promotion generates 22% new awareness, the second million adds 23% more and the third million adds another 5%. She also knows one-third of Dug's existing awareness is lost every year. Assuming that Able's awareness stays the same next year (77%), out of the promotion budgets below, what is the minimum Digby's Elite product manager should spend in promotion to earn more awareness than Andrews' Able product
Explanation:
would you still like me to help you with this question
She knows that the first $1M in promotion generates 22% new awareness, the second million adds 23% more and the third million adds another 5%.
What is a promotion?Promotion in marketing is any sort of marketing communication that aims to persuade target audiences of the relative qualities of a given good, service, idea, or brand.
This place can be either cognitive or emotional. Promoting a product or service is intended to raise brand awareness, spark interest, enhance sales, or foster brand loyalty.
One of the fundamental components of the market mix, which also consists of the four Ps (product, pricing, location, and promotion), is this. It aids marketers in establishing a memorable spot in clients' minds.
Promotion includes the communication strategies a marketer does to spread knowledge about its goods. Visual and verbal information can both be conveyed.
One of the components of the promotional mix or promotional plan is promotion. These include event marketing, exhibits, and trade shows, as well as personal selling, advertising, sales promotion, direct marketing, publicity, and word of mouth.
A promotional strategy outlines the importance of each component of the promotional mix as well as how much of the budget should be devoted to each component.
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During the previous year, Leveraged Inc. paid $100 million of interest expense, and its average rate of interest for the year was 8%. The company's ROE is 18.4%, and it pays no dividends. Estimate next year's interest expense assuming that interest rates will fall by 34% and the company keeps a constant equity multiplier, Calculate next year's estimated interest expense
Answer:
$67214400
Explanation:
Average rate of interest = 8% = 0.08
Amount paid by leveraged Inc ( previous year ) = $100 million
Growth rate retention = 1 ( since company pays no dividend )
ROE = 18.4% = 0.184
Determine next year's estimated interest expense
Given that Interest rates will fall by 34%
interest expenses = $100,000,000
estimated Interest rate = 0.34
First step : calculate total debt
= interest expense / interest rate
= 100,000,000 / 0.08 = $1,250,000,000
next determine the growth rate
= ROE * growth rate retention = 0.184 * 1 = 0.184
next determine next year's debt
= Total debt * ( 1 + 0.184 )
= 1,250,000,000 * 1.0184 = $1,273,000,000
next determine Interest rate for next year
= interest rate - ( Interest rate * estimated interest rate )
= 0.08 - ( 0.34 * 0.08 ) = 0.0528 = 5.28%
Finally determine next year's estimated interest expense
= 5.28% * $1,273,000,000
= 0.0528 * 1,273,000,000 = $67214400
MacGyver Company bought equipment on January 3, 20X1, for $34,100. At the time of purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $620. Using the straight-line method, the amount of one year's depreciation is
Answer:
$5,580
Explanation:
Straight line method charges a fixed amount of depreciation for each and every year the asset is in use in the business.
Depreciation expense = (Cost - Salvage Amount) ÷ Estimated useful life
therefore,
Depreciation expense = ($34,100 - $620) ÷ 6
= $5,580
Using the straight-line method, the amount of one year's depreciation is $5,580.
20. Calculating Loan Payments You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted you a loan with an APR of 4.9 percent for 60 months to buy the car. What will your monthly payments be
Answer:
$1,477.80
Explanation:
Calculation to determine What will your monthly payments be
First step is to calculate the Present value of annuity of 1 using this formula
Present value of annuity of 1 = (1-(1+i)^-n)/i
Where,
i= 4.9%/12 =0.00408333333
n=60
Let plug in the formula
Present value of annuity of 1=(1-(1+0.00408333333)^-60)/0.00408333333
Present value of annuity of 1=53.11957022
Now let calculate the Monthly payment using this formula
Monthly payment = Loan amount / Present value of annuity of 1
Let plug in the formula
Monthly payment= $ 78,500.00 / 53.11957022
Monthly payment= $1,477.80
Therefore your monthly payments will be $1,477.80
Monthly payments for the car loan = $1,476.72
To calculate your monthly loan payments, one can use the formula for calculating the monthly payment on an amortizing loan. The formula is:
[tex]P = (Pv * r) / (1 - (1 + r)^{-n})[/tex]
Where:
P = Monthly payment
PV = Present value (loan amount)
r = Monthly interest rate (annual interest rate divided by 12)
n = Total number of payments
Given:
Loan amount (PV) = $78,500
Annual interest rate = 4.9%
Loan term (n) = 60 months
First, calculate the monthly interest rate (r):
r = 4.9% / 100 / 12 = 0.00408
Next, substitute the values into the formula and solve for P:
[tex]P = (78,500 * 0.00408) / (1 - (1 + 0.00408)^{-60})[/tex]
[tex]P = 320.08/(1-(1.00408)^{-60}[/tex]
P = 320.08/1-0.78325
P = 320.08/0.21675
P = $1,476.72
Thus, your monthly payments for the car loan would be approximately $1,476.72.
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An economy has an aggregate demand shortfall of $1200 billion and a GDP gap of $900 billion. The mpc is 2/3. The appropriate fiscal policy to eliminate the gap, using G alone, would be to
Answer:
Change in government expenditure needed = 300
Explanation:
Multiplier 'k' = Change in Income / Change in Govt. expenditure = dY / d GE = 1 / ( 1-MPC )
Desired change in Y, ie GDP = 900 billion , MPC = 2 / 3.
k = 1 / ( 1 - 2/3 ) = 1 / ( 1/3 ) = 3
3 = 900 / d GE
d GE = 900 / 3 = 300
Change in government expenditure = 300
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Purchases of raw materials $30,000
Indirect materials used in production $4,520
Direct labor $58,100
Manufacturing overhead applied to work in process $87,400
Underapplied overhead $4,190
Inventories Beginning Ending
Raw materials $11,300 $19,200
Work in process $54,700 $69,900
Finished goods $33,600 $43,600
Required:
a. Prepare a schedule of cost of goods manufactured for the month.
b. Prepare a schedule of cost of goods sold for the month.
Answer:
Results are below.
Explanation:
To calculate the cost of goods manufactured, we need to use the following formula:
Cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
Cost of goods manufactured= 54,700 + (11,300 + 30,000 - 19,200) + 58,100 + 87,400 - 69,900
Cost of goods manufactured= $152,400
Now, the cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 33,600 + 152,400 - 43,600
COGS= $142,400
Pestro manufactures a herbicide that is used in the parks in Metroville. After the parks were sprayed with the herbicide, a group of children became ill and required hospitalization. Two dogs that were also in the park that day died. The parents of the children and the dog owners could:____.
a. not bring suit against the city.
b. only bring suit against the city.
c. not bring suit against Pestro because of a lack of privity.
d. bring suit against Pestro under Section 402A even though there is no privity.
Answer:
d. bring suit against Pestro under Section 402A even though there is no privity.
Explanation:
Section 402A enforces strict liability for physical harm that is caused a by the product sold to a buyer by a seller.
It states that if a seller sells a defective product that is unreasonably dangerous to an end user, the seller will be liable for any physical harm that results from its use.
Privity is when a contractual relationship exists between different parties in a transaction.
In the given scenario even without a privity the parents of the children and the dogs can bring suit against Pestro under Section 402A even though there is no privity.
They don't have to have a direct contractual relationship with Pestro.
"Viserion, Inc., is trying to determine its cost of debt. The firm has a debt issue outstanding with 15 years to maturity that is quoted at 106 percent of face value. The issue makes semiannual payments and has an embedded cost of 7 percent annually. What is the company's pretax cost of debt?"
Answer:
6.37 %
Explanation:
Debt in this case is represented by Bonds. The yield to maturity of a bond is the cost of debt. Yield to maturity is the interest rate used to determine Present Value of Coupons and Principle amount.
Most bond prices are expressed per $1,000. Therefore we will use this as the Face Value.
Pretax cost of debt calculation :
FV = $1,000
PV = $1,000 x 106 % = - $1,060
PMT = ($1,000 x 7 %) ÷ 2 = $35
N = 15 x 2 = 30
P/YR = 2
I/YR = ??
Using a financial calculator, the yield to maturity of the bond and hence the pretax cost of debt (i/yr) is 6.37 %
A rectangle has length xcm and width (x-1)cm. If the perimeter is 14cm,
Find the value of x.
Answer:
x = 4 cm
Explanation:
Given that,
Length of a rectangle = x cm
Width = (x-1) cm
The perimeter of the rectangle = 14 cm
We need to find the value of x.
We know that,
Perimeter = sum of all sides
14 = 2(x+x-1)
7 = 2x-1
8 = 2x
x = 4
So, the value of x is equal to 4 cm.
g Jill has a balance of $866,000 in her retirement savings account. She expects to retire in 8 years. She will not save any additional money until she retires, but what she has in savings now will earn 9% for the next 8 years. Bob has a balance of $482,000 in his retirement savings and he also wants to retire 8 years from now. He plans to save money every year for the next 8 years so that he will have exactly as much money as Jill does 8 years from now. If he earns the same rate on his savings as Jill, how much will he have to save each year for 8 years to catch up with Jill
Answer:
$69,378.96
Explanation:
The first step is to determine the future value of Jill's balance
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$866,000(1.09)^8 = $1,725,559.25
the second step is to determine the future value of the balance in Bob's account
$482,000(1.09)^8 = $960,415.19
The difference between Jill and Bob's future value amount is 765,144.06. this has to be the future value of bob's yearly savings
yearly savings = 765,144.06. / annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
(1.09^8 - 1) / 0.09 = 11.028474
765,144.06. / 11.028474 = $69,378.96
The following information relates to the Stockton Company:Paid note payable$ 150Bought equipment260Depreciation expense500Net income6,000Paid dividends500Issued bonds payable1,100Issued common stock900Sold land2,400What is the net cash provided by financing activities
Answer:
$1,350
Explanation:
Financing Activities are those activities that involve raising capital or debt as well as repayment to holders of such instruments.
Cash flow from financing activities :
Paid note payable ($150)
Paid dividends ($500)
Issued bonds payable $1,100
Issued common stock $900
Net cash provided by financing activities $1,350
therefore,
the net cash provided by financing activities is $1,350
Based on your analysis, you prepared a report with several inferences. While proofreading, you come across the following inference. Consider this case: Recapitalization might increase the EPS, but the price per share remains the same. Is the statement true or false
Answer: True
Explanation:
Recapitalization refers to a process where a company alters its capital composition. For instance, it can acquire more debt whilst reducing its equity holdings.
Recapitalization can affect the number of shares that a company has and the weight of those shares in relation to debt but it does not change the price of the stock so this statement is true.
BrandCo currently has 65.6 million shares outstanding. If BrandCo's shares are traing at $57 per share, what is the company's market capitalization (i.e., value of equity)
Answer:
$3,739.20 million
Explanation:
Calculating the company's market capitalization
- 65.6 million shares outstanding
- If BrandCo's shares are trading at $57 per share
Company's market capitalization = Shares outstanding * Current price
Company's market capitalization = 65.6 million shares * $57
Company's market capitalization = $3,739.20 million
Combining Supply and Demand
Scenario: The following shows a demand and supply schedule listing CDs demanded and supplied in the
millions) per week at each price. Graph each the following demand/supply schedules on one demand graph
and then answer the questions below:.
$6
Shortage/
Surplus
(Qs - Qd)
$5
$4
Price Per Quantity Quantity
Compact Demanded Supplied
Disc (Qd) (Qs)
$6
o
9
$5
2
6
$4
3
5
$3
4
4
$2
6
3
$1
9
0
$3
$2
$1
1
2 3 4 5 6 7 8
9 10 11 12 13 14
Answer:
the answer is $3
Explanation:
Given the following information, calculate the effective gross income: property: 4 office units, contract rents per unit: $2,750 per month; vacancy and collection losses: 18%; operating expenses: $41,000; capital expenditures: 11%.
Answer:
the effective gross income is $117,480
Explanation:
The computation of the effective gross income is shown below:
= Gross income - vacancy income
= ($2,750 × 4 units × $12) - ($2,750 × 12 × 4 × 11%)
= $132,000 - $14,520
= $117,480
hence, the effective gross income is $117,480
The same is to be considered and relevant
If you wish to accumulate $125,000 in 7 years, how much must you deposit today in an account that pays a quoted annual interest rate of 11% with quarterly compounding of interest
Answer:
You need to deposit $58,481.53 today.
Explanation:
a) Data and Calculations:
Future value expected = $125,000
Period of investment = 7 years
Interest rate = 11% compounded quarterly
The amount of deposit needed today to earn $125,000 in 7 years at annual interest rate of 11% is calculated as follows:
N (# of periods) 28
I/Y (Interest per year) 11
PMT (Periodic Payment) 0
FV (Future Value) 125000
Results
PV = $58,481.53
Total Interest $66,518.47
Which of the following are potential problems with using the minimum wage as a poverty-fighting tool? Choose one or more: A. Lower-income workers will earn more. B. There will be more lower-skilled workers entering the labor force looking for work and more jobs for them. C. There will be a shortage of workers in low-wage jobs. D. Employers might shift to more capital-intensive production because labor is relatively more expensive. E. Fewer low-income workers will be employed.
Answer:
D. Employers might shift to more capital-intensive production because labor is relatively more expensive.
E. Fewer low-income workers will be employed
Explanation:
Minimum wage is the lowest amount by law that an employer can pay to its employees. This can be used as a tool to fight poverty.
However when there is a minimum wage set, the cost of labour will be higher for employers.
There will be a tendency for employers to move to a more capital intensive production in order to reduce the cost of wages.
Also since low income earners are the beneficiaries of minimum wage, employers will tend to hire less of them and more of the higher earning workers.
The job or low income earners can be mechanised.
Assume the BigMac is sold at US$5 in US and 3 Euro in Germany. Let's assume the current spot exchange rate is 1.21 US$/Euro. If we believe in th PPP theory, US$ should _____ against Euro. Group of answer choices appreciate depreciate
Answer:
depreciate
Explanation:
Right now the relative value of the dollar is too high. If we follow the purchasing power parity theory, the value of the US dollar against the euro should be:
current spot rate x (domestic price / foreign price) = ($1.21 / 1€) x ($5 / 3€) = $6.05 / 3€ = $2.0167 per €
Agreement and disagreement among economists
Suppose that Hubert, an economist from a university in Arizona, and Kate, an economist from a school of industrial relations, are arguing over saving incentives. The following dialogue shows an excerpt from their debate:
Kate: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation.
Hubert: I believe that a cut In income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits.
Kate: I actually feel that raising the top Income tax rate would reduce the budget deficit more effectively.
The disagreement between these economists is most likely due to_____.
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
A. Lawyers make up an excessive percentage of elected officials.
B. Tariffs and Import quotas generally reduce economic welfare.
C. Minimum wage laws do more to harm low-skilled workers than help them.
Answer and Explanation:
The disagreement arise between this economist is due to the differences in the scientific judgements as they disagree due to the various scientific judgements. And, despite their differences, the proposition of two economists should be chosen at random as the tariff and import quotas normally decreased the economic welfare as it always result in deadweight loss and in this both economist should be agree for the same
Which firm is the oligopolist? Choose one: Firm A is in retail. It is one of the largest and most popular clothing stores in the country. It also competes with many rivals and faces intense price competition. Firm B is in the auto rental business. It is not the nation’s largest rental company, but significant barriers to entry enable it to serve customers across the United States more conveniently and at a lower price than local rivals. Firm C is a restaurant in a small, isolated community. It is the only local eatery. People drive from miles away to eat there.
Answer:
Firm B is in the auto rental business. It is not the nation’s largest rental company, but significant barriers to entry enable it to serve customers across the United States more conveniently and at a lower price than local rivals.
Explanation:
For the given options we considered Firm B to be treated as the oligopolist as the firm nor its competitors would have the major impact over the market also there are entry & exit barriers from the market
So the firm B should be chosen as the oligopolist
Therefore the same should be considered and relevant
a sale is made at a lumber company for goods costing a total of $13,359 (which includes 9.5% sales tax). in the books of the lumber company revenue should be credited for what amount
Answer:
$12,200
Explanation:
Sales including sales tax = $13,359
Sales tax rate = 9.5%
Let the sales be = $X
Sales tax payable = Sales * Sales tax rate
Sales tax payable = X * 9.5%
Sales tax payable = 0.095X
Sales + Sales tax = Sales including sales tax
X + 0.095X = 13,359
1.095X = 13,359
X = 13,359/1.095
X = $12,200
So, Sales = $12,200. Thus, in the books of the lumber company, Revenue should be credited for $12,200
You are evaluating a potential investment in equipment. The equipment's basic price is $176,000, and shipping costs will be $3,500. It will cost another $17,600 to modify it for special use by your firm, and an additional $8,800 to install it. The equipment falls in the MACRS 3-year class that allows depreciation of 33% the first year, 45% the second year, 15% the third year, and 7% the fourth year. You expect to sell the equipment for 30,900 at the end of three years. The equipment is expected to generate revenues of $151,000 per year with annual operating costs of $77,000. The firm's marginal tax rate is 35.0%. What is the after-tax operating cash flow for year 1
Answer:
$71,881.45
Explanation:
The after-tax operating cash flow for year 1 is simply the net income plus depreciation for year 1 since depreciation needs to be added back to net income as it is not a cash outflow in the actual sense.
net income=(revenue-annual operating costs-depreciation)*(1-tax rate)
revenue=$151,000
annual operating costs=$77,000
depreciation expense for year 1=($176,000+$3,500+$17,600+$8,800)*33%
depreciation expense for year 1=$67,947.00
tax rate=35.0%
net income=($151,000-$77,000-$67,947)*(1-35%)
net income=$3,934.45
after-tax operating cash flow for year 1=$3,934.45+$67,947.00
after-tax operating cash flow for year 1= $71,881.45
A business buyer purchases toner, paper, and staples from a seller of office supplies. What form does the seller need to use to inform the buyer about the payment owed for this purchase?
A. A receipt
OB. An invoice
C. A purchase order
OD. A packing slip
I'm pretty sure it is b because invoice is a record that keeps track of orders and cost
Yuan recently completed his college degree and is entering the labor market for the first time. He has been submitting applications and has been interviewed twice in the last two weeks, but so far has not found a job. Yuan could be classified as
Answer:
Frictionally unemployed.
Explanation:
Unemployment rate refers to the percentage of the total labor force in an economy, who are unemployed but seeking to be gainfully employed. The unemployment rate is divided into various types, these include;
I. Natural Rate of Unemployment (NU).
II. Cyclical unemployment rate (CU).
III. Structural unemployment rate (SU).
IV. Actual unemployment rate (AU).
V. Frictional unemployment rate (FU).
Frictionally unemployed describes a situation where an individual isn't able to secure a job briefly as a result of changes in the demand for labor among different organizations.
Hence, Yuan could be classified as frictionally unemployed (search unemployment) because it's based on circumstances surrounding him.
answer the following about break even analysis. New city day care center operates from Monday to friday. it has fixed expenses of $5,000 per week and charges each child who attends the program $15 per day. It costs the center $5 per day for supplies and snacks fro each child. How many children must come ot the center each day for it to break even
Answer:
500 children
Explanation:
Break even point is the level at which a firm makes neither a profit nor a loss. In other words the point where Profit = $ 0.
Break even (units) = Fixed Costs ÷ Contribution per unit
Therefore,
Break even (children) = $5,000 ÷ ($15 - $5)
= 500
500 children must come to the center each day for it to break even.
Refer to the following selected financial information from McCormik, LLC. Compute the company's inventory turnover for Year 2.
Year 2 Year 1
Cash $37,500 36,850
Short-term investments 90,000 90,000
Accounts receivable, net 85,500 86,250
Merchandise inventory 121,000 117,000
Prepaid expenses 12,100 13,500
Plant assets 388,000 392,000
Accounts payable 113,400 111,750
Net sales 711,000 706,000
Cost of goods sold 390,000 385,500
a) 4.72.
b) 4.33.
c) 3.28.
d) 5.78.
e) 3.86.
Answer:
c) 3.28.
Explanation:
Computation for the company's inventory turnover for Year 2.
Using this formula
Inventory Turnover = Cost of Goods Sold / Average Inventory
Let plug in the formula
Inventory Turnover=$390,000/[($121,000+ $117,000)/2]
Inventory Turnover=$390,000/$238,000/2
Inventory Turnover=$390,000/119,000
Inventory Turnover=3.277
Inventory Turnover= 3.28 (Appropriately)
Therefore the company's inventory turnover for Year 2 is 3.28
You have $25,832.81 in a brokerage account, and you plan to deposit an additional $4,000 at the end of every future year until your account totals $210,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places at the end of the calculations.
Answer: 14 years
Explanation:
The question states that an individual has $25,832.81 in a brokerage account, and plan to deposit an additional $4,000 at the end of every future year until the money in the account totals $210,000 and it's expected to earn 10% annually on the account.
To know the number of years that it'll take to reach the goal, we'll solve this in Excel as:
= =NPER (10%,-4000,-25832.81, 210000).
= 14 years
Therefore, it'll take 14 years to reach the goal.
A ______ establishes a company's financial and strategic objectives, and provides a set of guidelines for achieving the desired results. Multiple choice question. mission statement strategic inflection strategic plan strategic vision\
Answer:
strategic plan
Explanation:
In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.
Typically, to formulate strategies that are well aligned with the mission of an organization or business firm, some of the activities that needs to be performed includes the following;
1. Knowing your core competencies: this involves identifying your strengths such as knowledge, technology, underlying skill, experience, ability or process that enables you to perform exceptionally and provide a unique set of products or services that meets the needs of your customers.
2. Assessment of the organization's internal strengths and weaknesses: it gives an organization certain advantages, edge and disadvantages in meeting the needs of various customers by analyzing their strengths, weaknesses, opportunities and threats (SWOT).
3. Examination of the organization's external environment: this involves examining and identifying all the factors outside of an organization that affects its performance such as customers, government policies, competitors etc.
4. Analyze your competitors: organization should ensure they are always a step ahead of the their competitors in the industry.
In conclusion, a business strategy or strategic plan sets the overall direction for an organization or business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.