Vocabulary
People who are most likely to buy a business’s products or services.
Target Market
The process that tests a business concept; it allows the entrepreneur to decide whether a new business concept has potential.
Feasibility Analysis
What section of the business plan includes information about product line expansions?
Product and Service Plan
What section of the business plan includes information about the qualifications of management?
Management Team Plan
Give an example of 4 businesses in the same industry
answers will vary
A business that offers similar products or services to another company within the same market.
Direct Competitor
a collection of businesses with a common line of products or services.
Industry
The Executive Summary should be how many pages long?
1-2
What section of the business plan includes information about inventory management?
Operational Plan
Give an example of indirect competitors
answers will vary
A brief recounting of the key points contained in a business plan.
Executive Summary
A working model used by entrepreneurs to determine what it takes to develop their products or services.
Prototype
Contains information about differentiation and what sets your products/services apart.
Competitor Analysis
Contains information about the ownership structure.
Organizational Plan
The means of delivering a service or product directly to the customer, such as via a website.
Direct Channel
Expresses the specific aspirations of a company, the major goals for which it will strive
Mission Statement
The business concept found in the feasibility analysis has how many components?
Four
What component of a business plan establishes the scope and purpose of a company and reflects its values and beliefs?
Vision Statement
How many sections are in a business plan?
14
the means of delivering a service or product indirectly to the customer, such as through a wholesaler.
Indirect Channel
The distribution channel through which your product or service flows from the producer to the customer.
Value-Chain
Something that promotes or enhances the value of a product or a service to the customer.
Benefit
Name 7 Sections of the Business Plan
Company Description, Market Analysis, Product and Service Plan, Operational Plan, Executive Summary, Growth Plan, Management Team Plan, Organizational Plan, Contingency Plan, Mission and Vision Statement, Industry Overview, Marketing Plan, Financial Plan, Competitive Analysis
Contains information about how the business will minimize risk.
Contingency Plan
The means by which you deliver the product or service to the customer.
Distribution Channel