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4M's of Business Operation

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Questions and Answers

What is the primary purpose of the Executive Summary in a business plan?

To discuss the competitive analysis of the business
To provide a detailed overview of the business operations
To present a brief summary of the business plan (correct)
To introduce the management team

What is the main focus of the Marketing Section in a business plan?

Determining the financial projections
Describing the production process
Defining the product/service and its marketing strategy (correct)
Designing the organizational chart

What is the purpose of forecasting in business planning?

To reduce costs and increase profits
To make predictions about the future market
To create a competitive analysis
To support management in adjusting to uncertainties (correct)

What is the difference between Sales and Service Income?

Sales is used for merchandising businesses, while Service Income is used for service-based businesses (C) Signup and view all the answers

What is the formula to calculate Gross Profit?

Sales - Cost of Goods Sold = Gross Profit (C) Signup and view all the answers

What is the purpose of the Organizational Chart in a business plan?

To graphically illustrate the relations between officials (C) Signup and view all the answers

What is the main factor of production measured in the 4M's of Business Operation?

Manpower (C) Signup and view all the answers

What should an entrepreneur consider when selecting equipment to purchase?

The type of products to be produced and the production system to be adopted (D) Signup and view all the answers

What is the primary function of a product description?

To provide details to customers about the features and benefits of the product (A) Signup and view all the answers

What is a prototype?

A duplication of a product as it will be produced (A) Signup and view all the answers

What is the primary function of a supply chain?

To move a product or service from supplier to customer (C) Signup and view all the answers

What is the term for the activities by which a company adds value to an item?

Value chain (C) Signup and view all the answers

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