Lesson 4 Your Business Snapshot

Your friend is developing a marketing plan for her new business. What should she put in this plan?

• Where she wants to sell her product

• The price of her product

• A description of the people in her target market

• All of these

Which statement is the best description of a Value proposition?

• The cost of creating the product

• A component of the business plan that identifies the target market for the product

• The features and benefits that make the product or business unique

What is the main purpose of developing a business pitch?

• To tell investors all the important details and goals of your business so they don't need to read the business plan

• To provide customers with an in-depth description of how your business was formed

• To briefly share the most important information about your business to people in an engaging way.

• To determine whether your business idea is a business opportunity

Which of the following is probably NOT an important point to include in a business pitch?

• a detailed description of the meaning behind the company's name

• the problems that the product or service solves or the demand it meets

• how the product or service is different

• clear reasons why the potential customers and investors should care about the business

Why is it important to conduct market research on your target audience before building your marketing plan?

• Newspapers and magazines will give you a discount on advertisements if you show them your research

• You need to consider who your potential customers are before deciding on marketing strategies

• Customers enjoy sharing their opinions, so market research will make your product sell more

• It doesn't matter which one you do first