Business Plan Preparation Beyond Marketing Strategy

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ElegantPolynomial
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12 Questions

The organization plan in a business plan provides a detailed description of the marketing strategy.

False

Data about the target consumers and competitors define the requirements for the demand and supply of the product or service.

True

The organization plan includes information on the financial projections of the business.

False

A business organization can be in the form of a corporation or a limited liability company (LLC).

True

In a feasibility study, most of the information in the organization plan can be found in the marketing analysis.

False

The organization plan outlines the roles and responsibilities within the business, including salary requirements.

True

Limited liability means that creditors can go after the personal property of the business owner if there are unsettled financial obligations.

False

A small business typically has a more complicated organizational structure compared to a corporation.

False

The roles and responsibilities of positions in a business organization should be clearly defined to minimize misunderstanding and overlapping of functions.

True

Unlimited liability means that creditors cannot run after the personal property of the business owner in case of unsettled financial obligations.

False

The organizational chart shows the flow of communication within the organization and the hierarchy of different positions.

True

The entrepreneur is responsible for hiring qualified personnel and defining roles and responsibilities within the organization.

True

Learn about the organization plan, production plan, and operation plan which are crucial components of a business plan. Explore the activities that come after identifying the marketing strategy, including defining target consumers, analyzing competitors, and outlining requirements for product or service demand.

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