14 Questions
What is the primary purpose of an effective business plan?
To convince readers that the new business is exciting and needs support
What does an effective business plan need to clearly demonstrate?
The cost and benefit analysis
What does the concept of a business plan aim to answer in advance?
How the company plans to start its operations
What does the term 'business plan' refer to?
A roadmap detailing where the company is, where it wants to be, and how it will get there
What does an effective business plan need to include details about?
The name of the company, description of products or services, target market, and business objectives
What does an effective business plan need to answer in advance?
5Ws (What, Why, When, Where, Who) and 1 H (How) regarding the business
What is the primary purpose of the executive summary in a business plan?
To provide a condensed but powerful summary of the entire business plan
Who are the readers of a business plan according to the text?
Employees, investors, bakers, advisors, and consultants
What is the role of a business plan for employees?
To articulate the vision and mission of the firm and guide employees in a consistent and purposeful manner
What does the scope of a business plan refer to according to the text?
The target reader of the plan
What is one of the components of a business plan mentioned in the text?
Competitive analysis
What is NOT a significance of a business plan as mentioned in the text?
Internal communication within the organization
What should an executive summary do according to the text?
Briefly describe the company, product or service, and unique opportunity offered by the company
'Create a new business (roadmap of business)' - What does this signify?
'Creating a new business' involves developing a detailed and actionable plan for launching a new venture
Test your knowledge on the definition, concept, and purpose of a business plan, including executive summary. This quiz covers lecture 1 and 2 of the academic year 2023-2024 for B.Tech. AI students at KITS, Coimbatore.
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