Podcast
Questions and Answers
What type of information does an organization collect during the environmental scanning process?
What type of information does an organization collect during the environmental scanning process?
- Information regarding its own operations
- Information about customer preferences
- Information about changes in the environment (correct)
- Information about its competitors
Which of the following is an example of an external opportunity for an organization?
Which of the following is an example of an external opportunity for an organization?
- High debts
- Low website visibility
- Lack of capital
- External factors that can help gain competitive advantage (correct)
How can a company utilize its internal strengths according to the text?
How can a company utilize its internal strengths according to the text?
- By ignoring weaknesses
- By decreasing visibility
- By conducting a thorough analysis and using them to improve business (correct)
- By increasing debts
Which aspect of an organization is considered as an internal strength according to the text?
Which aspect of an organization is considered as an internal strength according to the text?
What do weaknesses represent in the context of SWOT Analysis?
What do weaknesses represent in the context of SWOT Analysis?
In what way can a lack of marketing budget impact an organization's e-commerce visibility?
In what way can a lack of marketing budget impact an organization's e-commerce visibility?
What does the Market Profile in the business study cover?
What does the Market Profile in the business study cover?
Which component of the Marketing Studies involves analyzing the source of product supply?
Which component of the Marketing Studies involves analyzing the source of product supply?
What does Competitive Analysis in the business study focus on?
What does Competitive Analysis in the business study focus on?
Which Marketing Studies component involves assessing the distribution and cost of transportation?
Which Marketing Studies component involves assessing the distribution and cost of transportation?
What is emphasized in Geographic Segmentation Strategy in the business study?
What is emphasized in Geographic Segmentation Strategy in the business study?
What is the focus of Program Analysis of Marketing Strategies in the business study?
What is the focus of Program Analysis of Marketing Strategies in the business study?
What is a crucial factor to consider before venturing into a new business?
What is a crucial factor to consider before venturing into a new business?
Why should an entrepreneur analyze customers' profile when considering a new business?
Why should an entrepreneur analyze customers' profile when considering a new business?
What does effective distribution strategy help in achieving for a new business?
What does effective distribution strategy help in achieving for a new business?
Why is it important to involve customers in suggesting improvements for a new product or service?
Why is it important to involve customers in suggesting improvements for a new product or service?
What is one key purpose of knowing the competitors before starting a new business?
What is one key purpose of knowing the competitors before starting a new business?
In the context of starting a new business, why is it important for the entrepreneur to convince customers that their product is unique?
In the context of starting a new business, why is it important for the entrepreneur to convince customers that their product is unique?
What does the Financial Management aspect of a business plan primarily focus on?
What does the Financial Management aspect of a business plan primarily focus on?
Which section of a business plan describes the physical layout of the building and the production equipment?
Which section of a business plan describes the physical layout of the building and the production equipment?
What is the main purpose of a business plan according to the text?
What is the main purpose of a business plan according to the text?
Which aspect of a business plan involves projections over a period of one year and five years to determine ROI?
Which aspect of a business plan involves projections over a period of one year and five years to determine ROI?
In a business plan, what does the Project Summary typically consist of?
In a business plan, what does the Project Summary typically consist of?
What does the Demographic Segmentation Strategy focus on?
What does the Demographic Segmentation Strategy focus on?
What does the Marketing Strategy aspect of a business plan focus on?
What does the Marketing Strategy aspect of a business plan focus on?
In the context of Channel of Distribution, what does 'direct marketing' refer to?
In the context of Channel of Distribution, what does 'direct marketing' refer to?
What is the primary focus of the Pricing Strategy?
What is the primary focus of the Pricing Strategy?
What aspect does Production Process mainly highlight?
What aspect does Production Process mainly highlight?
Which factor does Plant Rated Capacity focus on?
Which factor does Plant Rated Capacity focus on?
'Machinery and Equipment' in production planning involves considerations about:
'Machinery and Equipment' in production planning involves considerations about:
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Study Notes
Environmental Scanning and Business Planning
- Environmental scanning involves collecting and analyzing information about the business environment to forecast changes and make informed decisions.
- It helps identify opportunities, threats, strengths, and weaknesses.
SWOT Analysis
- SWOT analysis helps identify an organization's core strengths, weaknesses, opportunities, and threats.
- Internal strengths: aspects of an organization that make it better than its competitors (e.g., having the best technological tools).
- Internal weaknesses: areas where the organization needs to improve to remain competitive (e.g., high debts, lack of capital).
- External opportunities: external factors that can help an organization gain a competitive advantage.
- External threats: external factors that can negatively impact an organization.
Market Analysis
- Market profile: market segmentation for the distribution of a product or service.
- Demand analysis: projected consumption in the first year, five years, and ten years of operation.
- Supply analysis: source of product supply (foreign or local suppliers).
- Competitive analysis: selling price, competing products, distribution, and cost of transportation.
Marketing Strategies
- Geographic segmentation strategy: identifying the target market and approaches to penetrate the market niche.
- Program analysis: discussion of marketing strategies, including distribution, pricing, promotion, and advertising.
Factors to Consider Before Starting a Business
- Know your product or service: believe in the product or service and its ability to satisfy customers' needs and wants.
- Analyze market potential: determine the customer base and their buying habits, income, and social status.
- Determine marketing strategy: develop an effective distribution strategy to reach customers.
- Know the competitors: analyze the competitive product advantage and market share.
Business Plan
- A business plan is a blueprint for success that assesses the viability of a business venture.
- It should include:
- Introduction: rationale and background of the study.
- Project summary: name of the firm, business description, and highlights of the findings.
- Management and personnel components: organizational structure and management team.
- Marketing studies: market analysis, marketing strategies, and program analysis.
- Production and technology: production process, machinery, and equipment.
- Financial management: capital investment, sources of funding, and financial projections.
General Format of a Business Plan
- I. Introduction: rationale and background of the study.
- II. Project summary: business description and highlights of the findings.
- III. Management and personnel components: organizational structure and management team.
- IV. Marketing studies: market analysis, marketing strategies, and program analysis.
- V. Production and technology: production process, machinery, and equipment.
- VI. Financial management: capital investment, sources of funding, and financial projections.
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