Types of tools used by businesses

GUIDELINES• Identify different types of tools used by businesses to plan their activities such as Budgeting, Pricing, Costing and Strategic Planning• Explain the different types of budgets – capital and operating• Examine alternative methods of budgeting• Discuss the behavioural implications of budgeting• Identify the various pricing strategies used by businesses • Explain the impact of demand and supply and competition on pricing strategies• Examine the different types of costing systems used • For the selected business, apply PESTLE, SWOT and Porter’s Five Force Models