Executive Summary
What is the primary purpose of the executive summary?
What is to provide a concise overview of the entire business plan?
Name two methods for conducting market research
What are surveys and focus groups?
What is a unique selling proposition (USP)?
What is a feature that makes a product stand out from competitors?
What is a cash flow statement?
What is a financial document that shows the inflow and outflow of cash over a period?
What is a product lifecycle?
What is the series of stages a product goes through from development to decline?
What key elements should be included in the executive summary?
What are the business description, mission statement, and Business name?
What is the importance of understanding your target market?
What is to tailor products, services, and marketing strategies to meet customer needs?
Name two common promotional strategies for a new business.
What are social media marketing and email marketing?
Why are revenue projections important?
What is to estimate future sales and help in budgeting?
What should be included in the description of products or services?
What are features, benefits, and pricing information?
How long should the executive summary typically be?
What is one to two pages?
What is a SWOT analysis?
What is an assessment of strengths, weaknesses, opportunities, and threats?
What is the purpose of a marketing plan section in a business plan?
What is to outline how the business will attract and retain customers?
What is break-even analysis?
What is a calculation to determine when a business will become profitable?
What is a service blueprint?
What is a detailed diagram that outlines service processes and customer interactions?
What should the executive summary conclude with?
What is a call to action for investors or stakeholders?
What is an assessment of strengths, weaknesses, opportunities, and threats?
What is to understand the competitive landscape and differentiate the business?
What is a target market?
What is a specific group of consumers at which a business aims its products or services?
What is an income statement?
What is a financial statement that shows the company’s revenues and expenses over a specific period?
How can a business determine pricing for its products?
What is by considering costs, competitor pricing, and perceived value?