Podcast
Questions and Answers
Which section of a business plan outlines the expected revenue and expenses, detailing the financial viability of the business?
Which section of a business plan outlines the expected revenue and expenses, detailing the financial viability of the business?
- Management Section
- Financial Section (correct)
- Production Section
- Marketing Section
A company manufactures a new type of eco-friendly water bottle. What type of document describes the features, benefits, and value proposition of this bottle to potential customers?
A company manufactures a new type of eco-friendly water bottle. What type of document describes the features, benefits, and value proposition of this bottle to potential customers?
- Business Model
- Product Description (correct)
- Prototype Overview
- Supply Chain Document
A local bakery is determining the quantity of flour they need to order for the next month. Which tool will assist them in estimating their required resources by analyzing past sales data and market trends?
A local bakery is determining the quantity of flour they need to order for the next month. Which tool will assist them in estimating their required resources by analyzing past sales data and market trends?
- Supply Chain Management
- Value Chain Analysis
- Forecasting (correct)
- Competitive Analysis
A company is analyzing all activities involved in creating and delivering a product, from raw materials to after-sales service. What is the name of the process?
A company is analyzing all activities involved in creating and delivering a product, from raw materials to after-sales service. What is the name of the process?
What is the term for the costs a business incurs regularly through utilities such as water, electricity, and internet?
What is the term for the costs a business incurs regularly through utilities such as water, electricity, and internet?
What is being depicted when an entrepreneur creates a diagram showing the reporting relationships and hierarchy within their company?
What is being depicted when an entrepreneur creates a diagram showing the reporting relationships and hierarchy within their company?
What is the term for the equipment used to manufacture goods or deliver services?
What is the term for the equipment used to manufacture goods or deliver services?
A furniture company purchases lumber from a supplier to use in the production of tables. What are these raw resources called?
A furniture company purchases lumber from a supplier to use in the production of tables. What are these raw resources called?
A small bookstore determines that its total revenue from book sales over the past month was $5,000. What accounting term describes this amount?
A small bookstore determines that its total revenue from book sales over the past month was $5,000. What accounting term describes this amount?
A software company releases a preliminary version of its new program to a select group of users for testing and feedback before the official launch. What is the name of the preliminary version?
A software company releases a preliminary version of its new program to a select group of users for testing and feedback before the official launch. What is the name of the preliminary version?
Flashcards
What is manpower?
What is manpower?
The human workforce involved in the manufacture of products.
What is output?
What is output?
The final products from the production process distributed to customers.
What is Value Chain?
What is Value Chain?
A process by which a company adds value to an article.
What are materials?
What are materials?
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What is the marketing section?
What is the marketing section?
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What is production section?
What is production section?
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What is merchandising?
What is merchandising?
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What is forecasting?
What is forecasting?
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What is freight-in?
What is freight-in?
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What are operating expenses?
What are operating expenses?
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Study Notes
- Manpower refers to the human workforce involved in manufacturing products
- Management is not part of the 4M's of production
- Product Description refers to the marketing copy explaining what a product is and why it's worth purchasing
- Output refers to the final products from the production process distributed to customers
- A replica of a product is called a Prototype.
- Supply Chain: A system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer
- Value Chain refers to the processes or activities by which a company adds value to an article, including production, marketing, and after-sales service.
- Business Model describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural, or other contexts
- A supplier is an entity that supplies goods and services to another organization
- Machine: The manufacturing equipment used in the production of goods or delivery of services
- Method refers to the process or technique of converting raw materials to finished products.
- Materials refers to the raw materials needed in the production of a product
- Introduction is the section of a business plan that discusses what the business is all about
- Management Section explains how to manage the business and the people required in the operations
- Financial Section shows the money required for the business, how much to take in, and payout
- Competitive Analysis: strategy to identify major competitors and research their products, sales, and marketing strategies
- Organizational Chart: A diagram showing the relationship between officials within a company
- Executive Summary in the business plan should be presented first and made last
- Marketing Section shows the design of your product/service, pricing, selling strategy, and how to introduce your product/service to the market.
- Production Section shows the area, equipment, and materials required for the business
- Sales is an account title describing goods or merchandise sold by a business; this is merchandising
- Merchandising business can earn through buying and selling
- Forecasting as a tool allows managers to make educated estimates on revenue and costs to cope with uncertainties
- Salons use Service Income in recording revenues
- Sales refers to the total merchandise or goods sold by the business for a given period
- If Aling Esing bought 5 rugs for 20 pesos each and sold them for 35 pesos each, the total cost of goods sold is P100
- Freight-in refers to the cost of transferring goods or merchandise purchased from the supplier to the buyer.
- Operating Expenses: costs from utilities such as water, electricity, and internet
- If Bella sells 30 bottles of water daily at P20 each, her daily sales are P600
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