Mastering Business Plans

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Match the following business terms with their definitions:

Business Plan = Written map for beginning and growing a business; includes a mission, business goals and objectives Mission = Clear broad statement describing the purpose of the organization Goals = General statements of what needs to be achieved and accomplished to achieve the mission Objectives = Specific, time-sensitive accomplishments used to measure the progress toward achieving goals and the mission statement

Match the market research methods with their descriptions:

Market Analysis = Describes the current condition of the industry and forecasts where the industry is moving in the next three to five years Target Market = Describes who a business is providing services for Focus Groups = Soliciting individuals to consume a product and provide proactive feedback Survey = Questionnaire asking various questions about people’s interest in a product

Match the organizational structures with their definitions:

Organizational Structure = Clear managerial structure for each function of the business Hierarchical Structure = Organizational structure in which business functions are subordinate to the other Learning Based Structure = An organizational structure that emphasizes learning and adaptation

Which of the following is included in a business plan?

Market Analysis

What is the purpose of a mission statement in a business plan?

To describe the purpose of the organization

What are goals in a business plan?

Statements of what needs to be achieved

What is a target market in a business plan?

The group of people a business is providing services for

What is an organizational structure in a business plan?

A clear managerial structure for each function of the business

Test your knowledge on business plans and learn how to create a clear mission, set effective goals, and develop measurable objectives for your organization. This quiz will help you understand the key components of a well-written business plan and how they contribute to the success of your business.

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