Vocabulary
People who are most likely to buy a business’s products or services.
Target Market
the means of delivering a service or product directly to the customer, such as via a website.
Direct Channel
How the business will promote and sell its products/services
Marketing Plan
Identifies companies that are trying to reach the same audience
Competitive Analysis
A business that offers slightly different products and services, but targets the same group of customers with the goal of satisfying the same need.
Indirect Competitor
A business that offers similar products or services to another company within the same market.
Direct Competitor
Answers will vary
What section of the business plan includes information about the qualifications of management?
Management Team Plan
The Executive Summary should be how many pages long?
1-2
The means of delivering a service or product directly to the customer, such as via a website.
the means by which you deliver the product or service to the customer.
Distribution Channel
a collection of businesses with a common line of products or services.
Industry
How many sections are in a business plan?
14
What section of the business plan includes information about business ownership structure?
Organizational Plan
What component of a business plan expresses the specific aspirations of a company, the major goals for which it will strive?
Mission Statment
a working model used by entrepreneurs to determine what it takes to develop their products or services.
Prototype
The business concept found in the feasibility analysis has how many components?
Four
What section of the business plan includes information about product line expansions?
Product/Service Plan
Lists the risks the business faces and explains how they can be minimized, avoided, or prevented
Contingency Plan
The process that tests a business concept; it allows the entrepreneur to decide whether a new business concept has potential.
Feasibility Analysis
The distribution channel through which your product or service flows from the producer to the customer.
Value-Chain
a clear and concise description of a business opportunity. It contains the product/service, the customer, the benefits, and the distribution.
Business Concept
What section of the business plan includes information about inventory management?
Operational Plan
What component of a business plan establishes the scope and purpose of a company and reflects its values and beliefs?
Vision Statement
a tool for organizing important information about a business venture’s competition.
Competitive Grid