business planning

Question 1

what should a business plan it’s activities to do

Answer 1

reduce risk of failure - look at prices and goods of competitor
be succesful - market effectively

Question 2

what are the steps involved in developing a business plan

Answer 2

IDEA - what are you going to produce, what resources are needed
PEOPLE - who is needed, skill, experience, how many
MARKET RESEARCH - identify target market, market activities (price product plan promotion) marketing resources
FINANCE - how much is needed , what for and how raised
COMPETITORS - who, how will your product be different (better cheaper)

Question 3

what is a business plan

Answer 3

simple plan that details product, how it is financed, marketed and details of market research findings
It plans how business will achieve its objectives

Question 4

what is finance
what is markets
what are resources

Answer 4

used instead of money
where business will sell goods
things the business needs to work

Question 5

describe a good business plan (5)

Answer 5

it identifies the markets, resources, finance, aims and objectives which are SMART

Question 6

when is a business plan written

Answer 6

before a business starts or when a major change is planned

Question 7

why do a business plan

Answer 7

to reduce the risk as much as possible and to prepare