BUSINESS PLANS

A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.

• Companies, Business
• Companies, Research
• Customer, Business
• Business, Customer

What is a business plan?

• Written document that only outlines the business practices of the new business.

• Written document that describes the financial aspects of the business.

• Written document that only describes the ownership of the business.

• Written document that describes all the steps necessary for opening and operating a successful business.

Why do you need a business plan?

• To explain your idea

• the ability to get financing.

• it's a road map that sets objectives and goals for the business

• All of the above

All partnerships must be 50 - 50?

• True

• False

Your business plan should never list any risks or potential problems.

• True

• False

Which of the following statements about business plans is TRUE?

• Business plans eliminate risk to lenders

• Business plans reduce risk to lenders

• Business plans increase risk to lenders

• Business plans have no impact on risk to lenders

This part of a business plan shows the knowledge of the industry and includes statistics on marketing data for the companies products/services, and evaluates competition

• Executive Summary
• Company Description
• Strategy
• Market Analysis

Looks at likely risks to the business

• Contingency Plan
• Management Team Plan
• Marketing Plan
• Industry Overview

An analysis of the business’s advantage over its competitors

• Growth Plan
• Competitive Analysis
• Contingency Plan
• Market Analysis

A part of the business processes that result in the production and delivery of the product or service

• Competitive Analysis
• Company Description
• Operational Plan
• Organizational Plan