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ENTREP > MARKET PROBLEM AND BUSINESS PLAN > Flashcards

MARKET PROBLEM AND BUSINESS PLAN Flashcards

1
Q

existing inefficiencies, awkward workflows, non-optimal solutions (silent/stated)

A

MARKET PROBLEM

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2
Q

IMPORTANCE OF MARKET PROBLEM

A

*Understanding: key to uncover what drives customers to buy a product
*Provide information needed to develop right products and market efficiently

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3
Q

5 IMPORTANCE OF NEEDS/HIERARCHY

A

1 | SELF-ACTUALIZATION
2 | ESTEEM
3 | LOVE AND BELONGING
4 | SAFETY
5 | PHYSIOLOGICAL

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3
Q

TYPES OF MARKET

A

1 | EXISTING CUSTOMERS
2 | PROSPECTS:
3 | TARGET MARKET USERS

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4
Q

already purchased

A

EXISTING CUSTOMERS:

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4
Q

BASIC GOAL TO MEET TARGET MARKET DEMAND

A

otal quantity of product/service consumers are able and willing to purchase at given price within market

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5
Q

not yet purchased but considering

A

PROSPECTS

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6
Q

not currently looking

A

TARGET MARKET USERS

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7
Q

2 KNOW EXACT MARKET NEEDS

A

STATED NEEDS
SILENT NEEDS

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8
Q

problems with undefined solutions

A

SILENT NEEDS

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8
Q

explicit (declares)

A

STATED NEEDS

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9
Q

*quantitative/data collection
*market problem applies to *significant percentage of target market

A

2 | PERVASIVENESS:

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10
Q

3 HOW TO EVALUATE MARKET PROBLEM

A

1 | URGENCY
2 | PERVASIVENESS:
3 | WILLINGNESS OF THE BUYERS

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11
Q

*Is the market problem urgent?
*Problems need immediate solutions
*Customers care if problems not solved
*No other way to solve problem

A

1 | URGENCY

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12
Q

*Will your buyers pay to have this problem solved?
*If significantly urgent and pervasive, chances are good that customers will

A

3 | WILLINGNESS OF THE BUYERS

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13
Q

survive/persist; quality of being able to happen or have reasonable chance of success
linked to financial performance/position

A

VIABILITY

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14
Q

9 NEW VENTURE IDEA: TEST-CHECK VIABILITY

A

1 | UNIQUENESS:
2 | FINANCIAL:
3 | CUSTOMER:
4 | COMPETITION: d
5 | ECONOMIC MOOD:
6 | TIMING:
7 | MARKETING:
8 | CASH FLOW:
9 | FEASIBILITY: legality

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15
Q

how to stand out from others

A

1 | UNIQUENESS

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16
Q

how much needed to finance

A

2 | FINANCIAL:

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17
Q

Who is going to buy it?

A

3 | CUSTOMER

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18
Q

do better than competitors

A

4 | COMPETITION:

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18
Q

concerns affect spending

A

5 | ECONOMIC MOOD

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19
Q

seasonal business or not

A

6 | TIMING

20
Q

strategy

A

7 | MARKETING

21
Q

proper financial plan

A

8 | CASH FLOW

21
Q

legality | Can product/service work?

A

9 | FEASIBILITY:

22
Q

*Professional, easy to read, well-put-together
*Same information on title page
binder, cover, business name, names of principals, address, phone number, email, websites, date, and logo

A

1 | TITLE PAGE AND CONTENTS

23
Q

*written document convince reader that business can produce enough revenue to make satisfactory profit and attractive as investment opportunity
*Guide throughout life of business
*All lenders, investors require business plan
*Key: conduct international marketplace
*Describe nature of business, sales and marketing strategy, financial background

A

BUSINESS PLAN

24
Q

*short, concise, optimistic overview
*captures attention (2 pages)
*brief summary of other sections of plan
*mission, introduce management and company, ownership, main product and service offerings, customer base target, service, competition, market share, outline of financial projections for 1st few years

A

EXECUTIVE SUMMARY

25
Q

*overall nature of industry (scales, statistics, trends, demographics, economic cultural, governmental influences)
*Describe business, fits in industry, competition, target market areas, unique, improved, and lower cost services

A

3 | BUSINESS/INDUSTRY OVERVIEW

26
Q

*demonstrate thoroughly analyzed target market, enough demand for product/service to make business viable
*assessment of competition in sector

A

4 | MARKET ANALYSIS AND COMPETITION

27
Q

*entice customers to buy products/services
*ads, promotion, pricing strategy, sales, distribution, post-sales, endorsement

A

5 | SALES AND MARKETING PLAN

28
Q

*describes legal structure, ownership management, staffing requirements
*Ownership structure, management team, external and human resources and services

A

6 | OWNERSHIP AND MANAGEMENT PLAN

29
Q

*outlines physical requirements of business
*1 person home-based consulting business the operating plan will be short and simple
*Custom facilities, supply chains, specialized equipment, multiple employees, operating plan (very detailed)

A

7 | OPERATING PLAN

30
Q

*most important to grow and profitable
*debt financing/attract investors
*new business; forecasts
*Good Rule of Thumb: underestimate revenues and overestimate expenses
*Projected income statements, cash flow statements, balance sheets

A

8 | FINANCIAL PLAN

31
Q
  • detailed information needed to support other sections of business plan
    *Credit histories for business owners
    *Market research & analysis of competitors
    *Resumes of owners and key employees
    *Info about industry, products, services
    *Site, building, office plans
    *Mortgage documents, equipment leases
    *Marketing brochures and others
    *References from business colleagues
    *Supporting materials impress potential lenders or investors if looking for financing
A

9 | APPENDICES AND EXHIBITS

APPENDICES AND EXHIBITS

32
Q

2 MARKET/ENVIRONMENTAL ANALYSIS

A

MACRO
MICRO: internal or controllable

33
Q

: external or uncontrollable

A

MACRO

34
Q

internal or controllable

A

MICRO

35
Q

1 owner (sari-sari store)

A

SOLE PROPRIETORSHIP

36
Q

shareholders

A

CORPORATION

37
Q

2/more owners (magkakaklase)

A

PARTNERSHIP

38
Q

4 SALES AND MARKETING PLAN

A

*PRODUCT OR SERVICE OFFERINGS
*PRICING STRATEGY
*SALES AND DISTRIBUTION:
*ADVERTISING AND PROMOTION:

39
Q

how it benefits customers and sets apart from competitor offerings

A

PRODUCT OR SERVICE OFFERINGS

40
Q

*based on markup cost, value to buyer, comparison with similar products/services
*Competitive to attract customers but high enough to cover costs/generate profit

A

PRICING STRATEGY:

41
Q

*selling wholesale/retail
*Type of packaging
*Shipment of product
*Payment methods

A

SALES AND DISTRIBUTION

42
Q

*Media to get message to customers
*Sales promotional methods
*Marketing materials
*Product launch and tradeshows
*Approximate budget for ad/promo

A

ADVERTISING AND PROMOTION:

43
Q

4 OWNERSHIP AND MANAGEMENT PLAN

A

OWNERSHIP STRUCTURE
MANAGEMENT TEAM:
EXTERNAL RESOURCES AND SERVICES
HUMAN RESOURCES

44
Q

legal structure, percentages, sole proprietorship

A

OWNERSHIP STRUCTURE

45
Q

managers, roles, key employee positions, compensation, resumé

A

MANAGEMENT TEAM:

46
Q

external professional resources required

A

EXTERNAL RESOURCES AND SERVICES:

47
Q

list type and number of employees and estimate salary and cost

A

HUMAN RESOURCES

48
Q

5 OPERATING PLAN

A

*PRODUCTION
*FACILITIES
*STAFFING
*EQUIPMENT
*SUPPLIES

49
Q

how long it takes to produce unit and when to start production

A

PRODUCTION

50
Q

physical location of business, square footage estimates with room for expansion, and expected maintenance, zoning approvals

A

FACILITIES

51
Q

list of specialized equipment needed, cost and leased or purchased

A

EQUIPMENT

52
Q

manufacture, retail, food services, description of materials needed, how reliable sources are, descriptions of major suppliers, manage inventory

A

SUPPLIES

ENTREP (4 decks)

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