Read the following extract and then answer the questions below. There is no doubt about the importance of a business plan in any business undertaking. A business must draw up a plan and formulate appropriate strategy/strategies to translate its plan into reality to be successful. Fortunately, they are many strategies and models already developed that individual companies could choose from and apply to suit its special situation. The managing director of company XYZ Pty Ltd has asked to remind him on the Ansoff Matrix because he once learnt about briefly in one of the workshops, he attended 3 years back. He wants to revise his plan and incorporate new strategies this time around. With an aid a diagram discuss the Ansoff Matrix (25 marks)

How would you encourage the Sales Department or Catering Department to improve? What data would you track and review to control budgets and objectives?

Q2: Explain how managers use planning techniques to evaluate the opportunities and threats in the organization’s environment and formulate strategy.