Week 9: Business Plans Flashcards
1
Q
What is a Business Plan?
A
A document summarizing the marketing, operational, and financial objectives of a business with detail plans and budgets
2
Q
What are the 3 strategic elements of a business plan?
A
- Marketing plan
- Operational Plan
- Financial plan
3
Q
What is a Marketing Plan?
A
Describes the target market and identifies customer decision-makers, purchasing power, and influencers by outlining a market development strategy
4
Q
What is an Operational Plan?
A
Outlines business’ legal and organizational structure by describing management resources and product development
5
Q
What is a Financial Plan?
A
State how much funding is required, shows when financial milestones will be reached, and describes potential for growth
