Business Plan Overview
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Business Plan Overview

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@JawDroppingSarod

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Questions and Answers

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 (correct)
  • Vision is about goals, while Mission is about objectives
  • Vision focuses on financial objectives, while Mission focuses on management objectives
  • Vision is short-term and Mission is long-term

    • What does SWOT analysis focus on during strategic planning?

  • Financial objectives
  • Macroenvironmental factors
  • Enterprise-type choice
  • Strengths, Weaknesses, Opportunities, and Threats (correct)

    • What type of business does merchandising involve?

  • Reselling products without changing their form (correct)
  • Providing services to customers
  • Developing new products for the market
  • Manufacturing goods from raw materials

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

    <p>Business functions covered by the Enterprise Business Plan</p> Signup and view all the answers

    What does Retailing involve as a type of business?

    <p>Selling goods in small quantities</p> Signup and view all the answers

    What is the purpose of a business plan?

    <p>To guide an entrepreneur in implementing enterprise goals</p> Signup and view all the answers

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

    <p>Providing safe and inexpensive products and services</p> Signup and view all the answers

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

    <p>To match product or service ideas with target market characteristics</p> Signup and view all the answers

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

    <p>Price sensitivity and buying patterns</p> Signup and view all the answers

    In a business plan, what does feasibility involve?

    <p>Profitability of a business idea</p> Signup and view all the answers

    Study Notes

    Strategic Planning

    • Vision is a statement that defines the desired future state of an organization, while Mission is a statement that defines the organization's purpose and primary objectives.
    • SWOT analysis focuses on identifying an organization's Strengths, Weaknesses, Opportunities, and Threats during strategic planning.

    Types of Business

    • Merchandising involves buying and selling goods to make a profit, typically without transforming the products.
    • Retailing involves selling goods directly to end-users, often in small quantities.

    Business Planning

    • The purpose of a business plan is to outline the company's goals, objectives, and strategies for achieving them.
    • Feasibility involves assessing the practicality of a business idea, including its financial, operational, and market viability.

    Business Enterprise Simulation

    • The Business Enterprise Simulation course focuses on developing decision-making skills in a competitive business environment, with an emphasis on business ethics.

    Location and Target Market

    • The choice of location for an enterprise is considered critical because it can affect factors such as transportation costs, accessibility, and labor availability.
    • Market research helps to understand the demographic characteristics, needs, and preferences of the target market.

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    Description

    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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