Importance
What is a business plan?
A document that outlines all the important facts, processes, and procedures of the business.
What is included on the cover page of a business plan?
Name of the entrepreneur, business name, logo, address, and contact details.
What information should be included in the executive summary?
The form of business enterprise, main business activity, information about the owner, and how capital will be obtained.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats.
What are the 7 Ps of the marketing mix?
Product, Price, Place, Promotion, People, Process, Physical environment.
Name two reasons why a business plan is important for an entrepreneur.
Helps set goals and objectives; can attract investors.
What is the purpose of the executive summary in a business plan?
It provides a brief overview of the entire business plan for readers who may not have time to read the whole document.
Why do lenders and investors read the executive summary first?
It gives them a quick overview of what the business plan contains
Name one strength that a business might identify in a SWOT analysis.
Strong customer loyalty.
Define the term "marketing mix."
A combination of elements used by a business to market its products or services effectively.
How does a business plan help in evaluating the success of the business?
It allows the entrepreneur to measure progress against the goals and objectives set in the plan.
List three components of a business plan.
Marketing plan, financial plan, operational plan
How is the executive summary different from the rest of the business plan?
It is a concise summary written last but placed at the front.
How can identifying weaknesses in a SWOT analysis help a business?
It allows the business to address and improve those weaknesses to enhance operations.
How does price affect consumer behavior?
It must be attractive and affordable to encourage purchases; it influences perceptions of value.
Explain how a business plan can assist in identifying potential problems.
It helps management to foresee challenges and take steps to avoid them.
What should the description of the business include?
It should describe the product/service, unique features, long-term objectives, and form of ownership
What does the executive summary help to satisfy?
Those who do not have time to go through the entire plan in detail.
What is an opportunity in a SWOT analysis?
A favorable condition in the external environment that could benefit the business.
What role does promotion play in the marketing mix?
It makes the target market aware of the product or service and encourages them to make a purchase.
What role does a business plan play when applying for financial assistance?
It provides lenders with a comprehensive overview of the business, its viability, and potential for success.
Explain the importance of including a SWOT analysis in a business plan.
It assesses strengths, weaknesses, opportunities, and threats, helping entrepreneurs to make informed decisions.
Why is it important for the executive summary to be clear and concise?
It must effectively communicate key information to engage the reader's interest in the business plan.
How can threats impact a business identified through SWOT analysis?
They can pose risks that may hinder the business's success, requiring strategic planning to mitigate.
Explain the significance of the "people" element in the marketing mix.
Employees and management impact customer experience and satisfaction, influencing the business's reputation and success.