THE BUSINESS CONCEPT
What is a business concept?
Clear description of venture.
What is the first step?
Identify potential market.
Name one human resource.
Skills or expertise.
What are SMART objectives?
Specific, measurable, achievable, relevant, time-bound.
What is a harvest strategy?
Maximize returns, maintain involvement.
State one characteristic of a strong business concept.
Clear and specific statement.
What follows market identification?
Decide on target market.
Give one financial resource.
Cash or credit.
Name one level of strategy.
Corporate, business, or operational.
Give one advantage of licensing rights.
Generates revenue without investment.
How does a business concept link idea and plan?
Refines idea into plan.
Why identify customer segments?
Tailor marketing more effectively.
Give one physical resource.
Equipment or machinery.
What is the purpose of quality control?
Ensure customer satisfaction.
What is an exit strategy?
Complete exit from business.
Name two sources of business concepts.
Customer feedback; mass media.
Why research segment characteristics?
Understand needs and preferences.
What are structural resources?
Policies, culture, relationships.
Give one function of marketing.
Segmentation and targeting.
Give one advantage of family succession.
Maintains business legacy.
Differentiate new good and service.
Good tangible; service intangible.
Why develop marketing plan?
Guide promotional strategies.
Name one internal resource source.
Family or personal savings.
What tool analyzes internal environment?
SWOT analysis.
Give one disadvantage of Management Buy-Out.
Financing can be challenging.