QUESTION 5 [20 Marks] 5.1 Name FIVE characteristics of a strategic plan. 5.2 Discus diversification as a strategy that can be used in agriculture. 5.3 List 5 criteria that the strategic objectives must adhere to. 5.4 Write SWOT in full.

Here are the answers for Question 5:

QUESTION 5

5.1 Name FIVE characteristics of a strategic plan.

• It has a long-term focus, typically looking 3-5 years or more into the future.
• It is future-oriented, setting the direction and goals for the organization's growth and sustainability.
• It is comprehensive, covering all major aspects of the business.
• It involves resource allocation, determining how assets and capabilities will be used.
• It provides a framework for decision-making across the organization.
• It is flexible and adaptable to changes in the external environment.

5.2 Discuss diversification as a strategy that can be used in agriculture.
Diversification in agriculture is a strategy where a farm expands its operations to include a wider range of crops, livestock, or related activities. The main purpose is to reduce risk by not relying solely on one product or market, and to create multiple income streams. For example, a farmer might grow different types of crops, raise various animals, or even venture into agri-tourism or processing farm produce.

5.3 List 5 criteria that the strategic objectives must adhere to.
Strategic objectives should be:

• Specific
• Measurable
• Achievable (or Attainable)
• Relevant
• Time-bound

5.4 Write SWOT in full.

• Strengths
• Weaknesses
• Opportunities
• Threats