Executive Summary
What is the purpose of an executive summary in a business plan?
To give a brief overview of the entire business plan.
What is a target market?
A specific group of consumers a business aims to serve.
What is a marketing mix?
A combination of product, price, place, and promotion strategies.
What is a startup cost?
Initial expenses needed to start the business.
What does an operations plan describe?
Day-to-day tasks and processes of running the business.
What key information is usually included in an executive summary?
Business name, mission, goals, and a summary of the plan sections.
Why is it important to know your competitors?
To develop strategies that differentiate your business.
Why is branding important in a new business?
It helps build recognition and trust with customers.
What is a break-even point?
When total revenue equals total costs—no profit, no loss.
Why is location important for a business?
It affects visibility, access to customers, and operational efficiency.
Why is the executive summary often written last?
It summarizes all the other sections after they are completed.
What is the purpose of a SWOT analysis in market research?
To identify strengths, weaknesses, opportunities, and threats.
What does promotion include in a marketing strategy?
Advertising, public relations, social media, and sales promotions.
Why do businesses need cash flow projections?
To plan for income and expenses and ensure liquidity.
What are suppliers and why are they important?
Suppliers provide the raw materials needed to produce goods/services.
Who is the target audience of the executive summary?
Investors, partners, or stakeholders.
How does understanding customer needs impact your product or service?
It helps tailor offerings to meet demands and increase satisfaction.
How do pricing strategies affect customer perception?
Pricing influences how customers perceive value and quality.
What is the purpose of a profit and loss statement?
To show how much money is earned or lost over a period.
How does staffing affect business operations?
The right staff ensures productivity and customer satisfaction.
Explain how the executive summary differs from the full business plan.
It is a concise version that highlights the most important details.
Explain how market trends influence your business plan.
Trends help forecast demand and adjust strategies accordingly.
Explain how online marketing differs from traditional marketing.
Online uses digital platforms; traditional uses print, TV, radio.
Explain why investors care about financial forecasts.
Forecasts show business viability and potential for returns.
Explain how technology can improve operations.
It can increase efficiency, reduce costs, and improve communication.