Business Application:
Yuan Xi has just opened a company that imports fine ceramic gifts from China and sells them over the Internet. In planning his business, Xi did the following:
1. Listed his expected expenses and revenues for the first year of operations 2. Determined that he would keep his expenses low and generate enough revenues during the first four months of operations so that he would have a positive cash flow by the fifth month
3. Decided that he wanted the company to provide him with income for a good lifestyle and funds for retirement
4. Developed a complete list of goals, objectives, procedures, and policies relating to how he would find, buy, store, sell, and ship goods and collect payment
5. Decided to focus his business on providing customers with the finest Chinese ceramics at a favorable price
6. Decided to expand his website to include ceramics from other Far Eastern countries over the next five years
7. Decided to solely rely on the Internet to market the products
Match each of Xi's actions to the components of the planning framework: goal, mission, strategic objectives, tactical objectives, operating objectives, business plan, and budget