Module 6 Flashcards
When is a business plan usefull?
a. Building a start-up.
b. Definition of medium-term to long-term strategy.
c. Creation of new business units.
d. Successor arrangements.
e. Inter-firm cooperation.
f. Financing
g. All of the above
g.
* Definition: every 1 or 2 years.
* Creation of new business units: the environment is changing, the customers want to receive value from the company (ex. Nokia).
* Successor arrangements: overtaking the company.
* Inter-firm cooperation: working with another company
* Financing: credit, leasing
True or false. Feasibility study includes marketing, finance, communication and production.
False. It includes marketing, finance and production.
How can Internet be a valuable resource (2)?
- What is your competitor?
- Does it really make sense?
What are some informations the entrepreneur may need (7)?
- Location
- Manufacturing operations
- Raw materials
- Equipment
- Labor skills
- Space
- Overhead
What is the most important part of a business plan?
1. Introductory page
2. Executive summary
3. Industry analysis
4. Description of venture
5. Production plan
6. Operational plan
7. Marketing plan
8. Organizational plan
9. Assessment of risk
10. Financial plan
11. Appendix
- 3-4 pages summarizing the complete business plan.
What does the description of venture entails (5)?
a. Products
b. Services
c. Size of business
d. Office quipment and personnel
e. Background of entrepreneurs
What does the marketing plan entails (5)?
a. Pricing
b. Distribution
c. Promotion
d. Product forecast (substitutes)
e. Controls
What are some important contents of the executive summary (10)?
- Target customers and their needs
- Product / service and its benefits for the customers
- Business model
- Target market: volume, growth, segment for market entry
- Strategy for market entry and growth
- Core competencies and competitive advantages
- Venture team
- Key data from financial planning
- Capital needs and planned financing
- Exit routes and expected return
- Environmental analysis
- Industry analysis
a. Assessment of external uncontrollable variables that may impact the business plan.
b. Reviews industry trends and competitive strategies.
1a
2b
Which one is not an important factor that prodives a clear description and understanding of the business venture?
a. Product or service
b. Location and size of the business
c. Financing of the business
d. Personnel and office equipment needed
e. Background of the entrepreneur
f. History of the venture
c.
Describes market conditions and strategies related to how the product and service will be distributed, priced and promoted.
a. Production plan
b. Operation plan
c. Marketing plan
d. Organizational plan
c.
* Marketing research evidence.
* Specific forecasts for products or services.
* Budget and appropriate controls needed for marketing strategy decisions.
Details how the product will be manufactured.
a. Production plan
b. Operation plan
c. Marketing plan
d. Organizational plan
a.
All business should include this part as part of the business plan.
a. Production plan
b. Operation plan
c. Marketing plan
d. Organizational plan
b.
Describes form of ownership and lines of authority and responsability of members of new venture.
a. Production plan
b. Operation plan
c. Marketing plan
d. Organizational plan
d.
* Partnership: terms of the partnership should be included.
* Corporation: shares of stock authorized and share options.
Which one of those are included in dynamic capability?
a. Execute the business plan.
b. Identify fundamental changes in the business as they occur.
c. Make adjustments to the plan based on changes in the environment and market that will maintain profitability.
d. Organization chart.
e. All of the above.
a.b.c.
