Business Plan Overview

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10 Questions

What is the main difference between Vision and Mission in strategic planning?

Vision is about what the enterprise wants to become, while Mission is about the purpose of the organization

What does SWOT analysis focus on during strategic planning?

Strengths, Weaknesses, Opportunities, and Threats

What type of business does merchandising involve?

Reselling products without changing their form

Which aspect does the Functional Scope focus on in strategic planning?

Business functions covered by the Enterprise Business Plan

What does Retailing involve as a type of business?

Selling goods in small quantities

What is the purpose of a business plan?

To guide an entrepreneur in implementing enterprise goals

What does the Business Enterprise Simulation course focus on regarding business ethics?

Providing safe and inexpensive products and services

Why is the choice of location for an enterprise considered critical?

To match product or service ideas with target market characteristics

What aspect of the target market can be understood through market research?

Price sensitivity and buying patterns

In a business plan, what does feasibility involve?

Profitability of a business idea

Learn about the nature and importance of a business plan, and how it guides entrepreneurs in achieving their enterprise goals and objectives. Understand the elements involved in assessing both the possibility and feasibility of a business idea.

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