Types of tools used by businesses

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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

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