Understanding Business Plans

What is a business plan?

• A document detailing each element of a business

• A financial statement of a business

• A marketing strategy

• A list of employees in a company

What is the first section of a business plan usually about?

• The business idea

• Revenue forecast

• Marketing mix

• Cash flow forecast

What does SMART stand for in business objectives?

• Specific, Measurable, Agreed, Realistic, Timed

• Simple, Manageable, Achievable, Realistic, Timely

• Strategic, Measurable, Attainable, Relevant, Timed

• Specific, Manageable, Agreed, Realistic, Timely

What is a target market?

• A group of people a business aims to sell to

• A list of competitors

• A financial goal for the business

• A location for the business

What is a revenue forecast?

• A business location

• A marketing strategy

• A list of expenses

• A prediction of future revenue

What does a cash flow forecast predict?

• The number of employees needed

• Money flowing in and out of a business

• The location of the business

• The best marketing strategy

What are the four Ps in the marketing mix?

• Plan, People, Price, Promotion

• Plan, Price, Product, People

• Product, Price, Place, Promotion

• Product, People, Place, Promotion

What is the purpose of a business plan?

• To create a marketing campaign

• To set up a new office

• To provide details about each element of the business

• To hire employees

What is the role of market research in a business plan?

• To calculate expenses

• To find a business location

• To determine the target market

• To hire employees

What is the difference between business aims and objectives?

• Aims are for employees, objectives are for managers

• Aims are short-term, objectives are long-term

• Aims are financial targets, objectives are marketing strategies

• Aims are overall goals, objectives are steps to achieve them