m12 | m13 | m14 Flashcards
What do you call a written document that describes in detal how a business defines it objectives and how it is to go about achieving its goals?
business plan
Complete the sentence.
A business plan lays out a written… for the form from each of a marketing, financial, and operational standpoint.
roadmap
All information enclosed within a business plan must be able to fit how many pages?
15-20 pages
If there are crucial elements that take up a lot of space such as applications for patents, how should you treat them in formatting the business plan?
- reinforced in the main plan
- included in the appendices
Identify the element of a business plan as described below.
This section outlines the company and includes the mission statement along with any information about the company’s leadership, employees, operations, and location.
Executive Summary
Identify the element of a business plan as described below.
The company can outline the products and services it will offer, including the pricing, product lifespan, and benefits to the consumer.
Products and Services
Identify the element of a business plan as described below.
It will outline who the competition is and how it factors in the industry, along with its strengths and weaknesses; it will also describe the expected consumer demand.
Market Analysis
Identify the element of a business plan as described below.
This area describes how the company will attract and keep its customer base and how it intends to reach the consumer.
Marketing Strategy
Identify the element of a business plan as described below.
Under financial planning, what do already-established businesses present?
- financial statements
- balance sheets
- other pertinent financial information
Identify the element of a business plan as described below.
Under financial planning, what do new businesses present?
- targets and estimates
- potential investors
Identify the element of a business plan as described below.
This includes costs related to staffing, development, manufacturing, and any other expenses related to the business.
Budget
What are the two types of business plans?
- Traditional business plan
- Lean start-up business plan
Identify the type of business plan given the description below.
- the most common
- possess a lot of detail in each section
- tend to be much longer
- require more work
Traditional business plan
Identify the type of business plan given the description below
- uses a standard structure
- as short as one page
- have very little detail
Lean start-up business plan
What are the different purposes of a business plan?
- provide a road map
- understand what to focus on
- raise finance
- manage your business effectively
- fueling ambitions and growth
Identify the purpose of a business plan given the description.
This will give you something concrete by which to monitor and assess the progress you make.
Provide a road map
Identify the purpose of a business plan given the description.
Amid the roller coaster of emotions, you can quickly lose track of what’s important.
Understand what to focus on
Identify the purpose of a business plan given the description.
To support your growth, you will require the injection of funding.
Raise finance
Identify the purpose of a business plan given the description.
It is fundamental to manage your cash position, as it will greatly affect yout business in the long run.
Manage your business effectively
Identify the purpose of a business plan given the description.
Following a business plan can help you map out the growth of your company and give you confidence when you need it.
Fueling ambitions and mapping growth
List the main components of a business plan according to order of appearance.
- Title Page
- Table of Contents
- Executive Summary
- Company Overview
- Product and Service Offerings
- Competitive and Market Analysis
- Sales and Marketing Plan
- Ownership Structure and Management Plan
- Operating Plan
- Financial Plan
- Appendix
Identify which component of the business plan includes the following.
- website address
- name of company
Title Page
Identify which component of the business plan includes the following.
- mission and vision statement
- core product and service offerings
- marketing plan
- competitive analysis
- financial plans and requirements
- management team introduction
Executive Summary
Identify which component of the business plan includes the following.
- offerings and the problem they solve
- current alternatives
- competitive advantage
Product and Service Offerings
Identify which component of the business plan includes the following.
- business and industry overview
- historical timeline of your business
Company Overview
Identify which component of the business plan includes the following.
- market size
- target market segments
- projected volume and value of sales compared to competitors
Competitive and Market Analysis
Identify which component of the business plan includes the following.
- legal structure of your business
- names of founders, owners, advisors, etc.
- staffing requirements
Ownership Structure and Management Plan
Identify which component of the business plan includes the following.
- pricing strategy
- marketing channels
- promotional plan
- distribution methods
Sales and Marketing Plan
Identify which component of the business plan includes the following.
- physical location of your business
- production workflow
- raw materials and sourcing methods
Operating Plan
Identify which component of the business plan includes the following.
- projected income statement
- projected cash flow statement
- projected balance sheet
- break-even analysis
Financial Plan
Identify which component of the business plan includes the following.
- charts and graphs
- information about your industry, offerings, samples
Appendix
This is a key foudnation on which most modern marketing strategies and business activities are based.
Marketing Mix
Who originally thought of the concept of marketing mix where executives were known to be “mixers of ingreadients”?
James Culliton
He described business executives as “mixers ingredients”, ingredients being different marketing concepts, aspects, and procedures.
Who elaborated on the original idea of marketing mix in the 1960s?
Neil H. Borden
Who is the widely accepted founder of the marketing mix concept; in the form of 4Ps of Marketing?
Jerome McCarthy
What are the main 4Ps?
- People
- Product
- Pricing
- Promotion
Identify the “P” being described below.
This could refer to a physical product, a service or an experiece. Basically, anything that is being sold.
Product
Identify the “P” being described below.
Signifies where you choose to distribute or allow access to your product or service.
Place
Identify the “P” being described below.
The perceived value of your product should correlate with your budget.
Price
Identify the “P” being described below.
The way that you choose to communicate with your audience and promote your product.
Promotion
Identify the “P” being described below.
It’s important for consumers to know that the brand they’re purchasing from or interacting with, are legitimate and, well, actually existing in real life.
Physical
Identify the “P” being described below.
Anyone who is involved either directly or indirectly in the business side of the enterprise. (e.g employees)
People
Identify the “P” being described below.
Describes a series of actions that are taken in delivering the product or service to the consumer.
Process
What are thee levels of product?
- Core
- Actual
- Augmented
Identify the level of product as described below.
It is not the tangible physical product. I tis the benefit of the product that makes it valuable to you.
Core Product
Identify the level of product as described below.
It is the tangible, physical product.
Actual Product
Identify the level of product as described below.
It is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium.
Augmented Product
