9.
Outline five common components of a business plan.
Executive Summary
Company Description
Market Analysis
Competitive Analysis
Financial analysis
10.
Outline three areas that the initial business planning process may address
The management teams
The Financials
Cash-Flow statement
© RTO Works 2020
SELC Career College Australia RTO: 91721 SELC-BSBMKG609-BSBMGT616-BSBMGT617-SRT-V2019.1.2
5
This document is Strategic Plan Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMGT616-
BSBMGT617-BSBMKG609 Cluster.
11.
Describe the relationship between performance objectives and key performance
indicators in a business plan.
Depending on what definition you use, performance objectives are outcome goals for your staff or
department, or measurements that judge how well they do their jobs. Key performance indicators
are benchmarks or measurements that let you gauge how well you are doing in meeting goals.
Using the two together in a coordinated effort will help you set, track, modify and evaluate your
business strategies and improve your bottom line.
12.
Explain why it is important for a business to use a range of performance measures
within its business plan.
Performance measurement is the process of collecting, analysing and reporting information
regarding the performance of an individual, group, organization, system or component. One of the
most important aspects to be considered in relation to performance measurement process is that
the performance measures work qualitatively to provide the useful information about products,
processes and services that are produced in a business.
13.
If a business plan has an objective of improving customer satisfaction, describe three
performance measures that could be used to measure customer satisfaction.
Understand Expectations
If you know what your customers expect from you, it logically follows that you will be better able to
offer them an enjoyable experience. So, try to discover the expectations of your customers in
terms of both service and products in order to ensure that you’re meeting their needs.
Assess the Competition
If you don’t know why customers prefer another brand over yours, you cannot hope to keep them
from. So, as part of your survey process, you may want to consider inviting customers to compare
similar products or companies to find out what they are offering that you are not.
Pinpoint Specifics
Whether a customer is satisfied or not, the data you collect will need to accurately assess what is
working and what isn’t. So, inquiries into level of satisfaction should include more than just the
overall experience. You need to determine the products or services they purchased, what they
liked or disliked about their sales interaction, how the actual purchase compared to their
expectations, and any suggestions they have for improvement.
