business plans

Question 1

8 parts to a business plan

Answer 1

• executive summary
• target market
  -competitors
  -human resources
  -vendors/suppliers
  -marketing plan
  -operations
  -financial projections

Question 1

define business plan

Answer 1

a document that illustrates the thought processes of the start-up business or future planning of an established business

Question 2

define sales forecasting

Answer 2

an attempt to estimate the likely number of products that will be sold by the business or market over a future period

Question 3

factors affecting sales forecasting

Answer 3

• changes in trends
• economic factors
• actions of competitors
• incomes
  etc.

Question 4

methods of sales forecasting

Answer 4

-correlation
-extrapolation

Question 5

what’s correlation and what’s a limitation

Answer 5

when there is a relationship between two things

a limitation is two things may appear to be related but are not, such as ice-cream and sunburns

Question 6

what is extrapolation

Answer 6

using past sales to predict and estimate future sales

however this may reach a point where where results no longer apply

Question 7

pestle

Answer 7

political
economic
social
technological
legal
environmental