Business Plan Review and Parts

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Questions and Answers

What should the objectives of a business be characterized as?

  • Time-bound and flexible
  • SMART—Specific, Measurable, Achievable, Relevant, and Time-bound (correct)
  • Ambiguous and broad
  • Only relevant and measurable

Which of the following is a key component of market analysis?

  • Understanding customer needs first—customer-oriented approach (correct)
  • Determining employee output
  • Assessing financial risks solely
  • Focusing on product pricing only

What does the Program Evaluation and Review Technique (PERT) help monitor?

  • Employee performance metrics
  • Scheduled activities and project timelines (correct)
  • Customer satisfaction scores
  • Market share statistics

In competitive analysis, what should be evaluated?

<p>Market trends and pricing strategies (C)</p> Signup and view all the answers

What does the term 'target market' define?

<p>Specific groups of customers based on characteristics (D)</p> Signup and view all the answers

What is the purpose of assessing market segments?

<p>To find specific customer characteristics and needs (D)</p> Signup and view all the answers

Which factors should be considered when evaluating customer buying decisions?

<p>Personal preferences and external influences (C)</p> Signup and view all the answers

What is an essential aspect of business opportunity evaluation?

<p>Market changes and customer needs (B)</p> Signup and view all the answers

Which aspect must a business plan prioritize according to consumer needs?

<p>Satisfaction of consumer needs (D)</p> Signup and view all the answers

What should a good business plan avoid in its structure?

<p>Complex jargon (C)</p> Signup and view all the answers

What characteristic ensures that a business plan can adapt to changing circumstances?

<p>Being flexible (B)</p> Signup and view all the answers

What is an essential financial component of a business plan?

<p>Break-even analysis (A)</p> Signup and view all the answers

Which type of integration involves controlling the marketing scheme of an enterprise?

<p>Forward integration (A)</p> Signup and view all the answers

Which component of resource linkages refers to controlling production inputs?

<p>Backward integration (A)</p> Signup and view all the answers

What is an important element for evaluating a product or service in a business plan?

<p>Assessing quality and features (A)</p> Signup and view all the answers

What approach should be taken to keep a business plan concise and accessible?

<p>Using the KISS principle (D)</p> Signup and view all the answers

What is the purpose of conducting a competitive landscape analysis?

<p>To assess the strengths and weaknesses of competitors. (D)</p> Signup and view all the answers

Which component is essential when evaluating products or services?

<p>Analyzing competitive offerings. (D)</p> Signup and view all the answers

What does the term 'break-even' refer to in business?

<p>The point at which total costs equal total sales. (C)</p> Signup and view all the answers

What does the term 'opportunities' refer to in a business analysis context?

<p>External factors that could enhance business success. (C)</p> Signup and view all the answers

Which of the following is NOT a category of petit fours?

<p>Chocolat (B)</p> Signup and view all the answers

In terms of marketing strategy, which of these elements is NOT part of the 4 P's?

<p>Personnel (B)</p> Signup and view all the answers

Which of the following best describes a 'threat' in a business analysis?

<p>A new competitor entering the market. (A)</p> Signup and view all the answers

What is a primary focus of the marketing sales component of a business?

<p>Attracting customers and generating revenue. (B)</p> Signup and view all the answers

Flashcards

SWOT Analysis

A framework for evaluating a business by identifying its strengths, weaknesses, opportunities, and threats.

Business Plan Introduction

The introductory section of a business plan that explains the background and rationale of the business.

SMART Objectives

Specific, Measurable, Achievable, Relevant, and Time-bound objectives; a critical part for goal definition.

Market Analysis

A detailed study of a market to understand customers' needs, buying decisions, and market segments.

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Business Opportunity

A chance to start a business or develop products / services to fill a market gap.

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Market Segments

Categories of customers within a market that share specific characteristics, needs, or buying behaviours.

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Competitive Analysis

Evaluation of competitors' strengths, weaknesses, products, pricing, and market strategies; crucial for success.

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PERT Chart

The Program Evaluation and Review Technique; a graphical tool to monitor and control scheduled activities.

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What is a product/service?

Goods or offerings a business provides to its customers in exchange for payment.

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What is a marketing strategy?

A plan used to attract customers, generate revenue, and drive business growth.

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What are '4Ps'?

The four key elements of a marketing strategy: Product, Price, Place, and Promotion.

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What is a competitive analysis?

An assessment of competitors and the competitive landscape.

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What is a break-even point?

The point where a business's total revenue equals its total expenses.

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What does 'petit four' mean?

A French term meaning 'small oven'; refers to bite-sized pastries or savory appetizers.

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What are 'glacè petit fours'?

Iced or decorated tiny cakes covered in fondant or icing, small eclairs, and tartlets.

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What are 'salè petit fours'?

Savory, bite-sized appetizers typically served at cocktail parties or buffets.

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Business Plan Importance

A business plan is crucial for outlining a business's goals, strategies, and resources. It's a roadmap for success.

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Realistic Business Plan

A business plan needs to be achievable and based on realistic resources available to the business.

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Customer Needs in Business Plan

A business plan should meet the actual needs of the community it serves.

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Simple Business Plan

A clear and concise business plan that is easy to understand. KISS Principle: Keep It Simple, Sweetly.

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Flexible Business Plan

A business plan should be adaptable to unexpected changes and challenges that might come.

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Backward Integration

A business strategy where a company controls its input resources, like materials or suppliers.

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Forward Integration

A business strategy where a company controls its distribution channels, marketing, or sales.

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Ultimate Business Goal

The primary aim of any business is to generate profit AND meet customer needs in the community.

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Study Notes

Business Plan Review

  • A business plan is essential information about a business, focusing on the 4 Ps (Product, Price, Place, Promotion).
  • A realistic plan is based on available resources and the needs of the community.
  • It should be simple, short, and adaptable to changes.
  • A good business plan includes a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
  • Objectives should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound).
  • Strategies outline the methods to accomplish objectives.
  • Time management is crucial for success.
  • Understanding the market is vital (rural, urban, etc).

Business Plan Parts

  • Introduction: Background and rationale of the business.
  • Summary: Project/business name, project team, vision.
  • Vision: Future goals of the business.
  • Strategies: High-level plan to achieve objectives (PERT chart).
  • Market Analysis: Determining customer needs.
  • Marketing: Customer-centered approach, market descriptions, segments, target markets, characteristics, buying decisions, overall market and changes.

Petit Fours

  • Small confectionary, savory appetizers.
  • Categories:
    • Glazed (iced, decorated): Cakes, eclairs, tartlets.
    • Salted (savory): Chocolate, peanut butter, etc.
    • Dry (cookies): Many shapes, colors, and flavors.
    • Fresh (made with cake): Perishable, eaten on the day of preparation.

Cookies

  • Types of Cookies: Several categories, varied recipes, and textures, including:
    • Pressed/Bagged: Rosettes, rings, formed using cookie press/pastry tube.
    • Cookie Bars: Cut cakes into squares or bars.
    • Refrigerator Cookies: Requires freezing; varies in shape.
    • Molded Cookies: Stiffer dough, molded into balls or shapes, varied ingredients.

Competitive Analysis

  • Assesses competitors and the market.
  • Factors including: nature of competition, industry changes, primary competitors, opportunities, threats, and risks.
  • Key areas: product/services, marketing/sales, operational/organizational structure, financial status of the business.

Business Opportunity

  • Involves selling or leasing products or services to the customer.
  • Understanding the appropriate factors/resources is crucial.
  • Includes the assessment of the market or target market.

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