1.2 Providing Goods & Services

What is usually the first section of a business plan?

• Business aims and objectives
• Revenue forecast
• Business idea

Which of the following is not an element that is included in a business plan?

• Marketing mix
• Stock market price
• Sources of finance

Which of these stakeholders might be interested in seeing a business plan?

• Bank
• Local community
• Pressure groups

What acronym is used when creating business objectives?

• SWOT
• SMART
• PESTLE

How can a business plan be used to minimise risk for a business?

• It tells an entrepreneur exactly how much profit they will make
• It shows an entrepreneur how many products they will definitely sell
• It allows an entrepreneur to make informed decisions about their business

What are the four elements of the marketing mix?

• Product, profit, place and promotion
• Product, price, place and promotion
• Product, price, payments and promotion

Why would a bank primarily be interested in seeing a business plan?

• To determine whether a business would be able to pay back a loan or mortgage
• To determine whether a business would be able to pay back a grant or mortgage
• To check a business’ aims and objectives

Other than a bank, who else would want to see a business plan?

• A potential investor
• A customer
• A supplier

Which of these business elements is not a major part of a business plan?

• Revenue forecast
• Location
• Product portfolio

What two main categories of research might a business undertake in order to complete a business plan?

• Primary and secondary research
• Secondary and tertiary research
• Primary research and surveys