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entrep. > m12 | m13 | m14 > Flashcards

m12 | m13 | m14 Flashcards

1
Q

What do you call a written document that describes in detal how a business defines it objectives and how it is to go about achieving its goals?

A

business plan

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2
Q

Complete the sentence.

A business plan lays out a written… for the form from each of a marketing, financial, and operational standpoint.

A

roadmap

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3
Q

All information enclosed within a business plan must be able to fit how many pages?

A

15-20 pages

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4
Q

If there are crucial elements that take up a lot of space such as applications for patents, how should you treat them in formatting the business plan?

A
  • reinforced in the main plan
  • included in the appendices
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5
Q

Identify the element of a business plan as described below.

This section outlines the company and includes the mission statement along with any information about the company’s leadership, employees, operations, and location.

A

Executive Summary

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6
Q

Identify the element of a business plan as described below.

The company can outline the products and services it will offer, including the pricing, product lifespan, and benefits to the consumer.

A

Products and Services

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7
Q

Identify the element of a business plan as described below.

It will outline who the competition is and how it factors in the industry, along with its strengths and weaknesses; it will also describe the expected consumer demand.

A

Market Analysis

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8
Q

Identify the element of a business plan as described below.

This area describes how the company will attract and keep its customer base and how it intends to reach the consumer.

A

Marketing Strategy

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9
Q

Identify the element of a business plan as described below.

Under financial planning, what do already-established businesses present?

A
  • financial statements
  • balance sheets
  • other pertinent financial information
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10
Q

Identify the element of a business plan as described below.

Under financial planning, what do new businesses present?

A
  • targets and estimates
  • potential investors
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11
Q

Identify the element of a business plan as described below.

This includes costs related to staffing, development, manufacturing, and any other expenses related to the business.

A

Budget

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12
Q

What are the two types of business plans?

A
  1. Traditional business plan
  2. Lean start-up business plan
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13
Q

Identify the type of business plan given the description below.

  • the most common
  • possess a lot of detail in each section
  • tend to be much longer
  • require more work
A

Traditional business plan

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14
Q

Identify the type of business plan given the description below

  • uses a standard structure
  • as short as one page
  • have very little detail
A

Lean start-up business plan

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15
Q

What are the different purposes of a business plan?

A
  • provide a road map
  • understand what to focus on
  • raise finance
  • manage your business effectively
  • fueling ambitions and growth
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16
Q

Identify the purpose of a business plan given the description.

This will give you something concrete by which to monitor and assess the progress you make.

A

Provide a road map

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17
Q

Identify the purpose of a business plan given the description.

Amid the roller coaster of emotions, you can quickly lose track of what’s important.

A

Understand what to focus on

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18
Q

Identify the purpose of a business plan given the description.

To support your growth, you will require the injection of funding.

A

Raise finance

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19
Q

Identify the purpose of a business plan given the description.

It is fundamental to manage your cash position, as it will greatly affect yout business in the long run.

A

Manage your business effectively

20
Q

Identify the purpose of a business plan given the description.

Following a business plan can help you map out the growth of your company and give you confidence when you need it.

A

Fueling ambitions and mapping growth

21
Q

List the main components of a business plan according to order of appearance.

A
  1. Title Page
  2. Table of Contents
  3. Executive Summary
  4. Company Overview
  5. Product and Service Offerings
  6. Competitive and Market Analysis
  7. Sales and Marketing Plan
  8. Ownership Structure and Management Plan
  9. Operating Plan
  10. Financial Plan
  11. Appendix
22
Q

Identify which component of the business plan includes the following.

  • website address
  • name of company
A

Title Page

23
Q

Identify which component of the business plan includes the following.

  • mission and vision statement
  • core product and service offerings
  • marketing plan
  • competitive analysis
  • financial plans and requirements
  • management team introduction
A

Executive Summary

24
Q

Identify which component of the business plan includes the following.

  • offerings and the problem they solve
  • current alternatives
  • competitive advantage
A

Product and Service Offerings

25
Q

Identify which component of the business plan includes the following.

  • business and industry overview
  • historical timeline of your business
A

Company Overview

26
Q

Identify which component of the business plan includes the following.

  • market size
  • target market segments
  • projected volume and value of sales compared to competitors
A

Competitive and Market Analysis

27
Q

Identify which component of the business plan includes the following.

  • legal structure of your business
  • names of founders, owners, advisors, etc.
  • staffing requirements
A

Ownership Structure and Management Plan

28
Q

Identify which component of the business plan includes the following.

  • pricing strategy
  • marketing channels
  • promotional plan
  • distribution methods
A

Sales and Marketing Plan

29
Q

Identify which component of the business plan includes the following.

  • physical location of your business
  • production workflow
  • raw materials and sourcing methods
A

Operating Plan

30
Q

Identify which component of the business plan includes the following.

  • projected income statement
  • projected cash flow statement
  • projected balance sheet
  • break-even analysis
A

Financial Plan

31
Q

Identify which component of the business plan includes the following.

  • charts and graphs
  • information about your industry, offerings, samples
A

Appendix

32
Q

This is a key foudnation on which most modern marketing strategies and business activities are based.

A

Marketing Mix

33
Q

Who originally thought of the concept of marketing mix where executives were known to be “mixers of ingreadients”?

A

James Culliton

He described business executives as “mixers ingredients”, ingredients being different marketing concepts, aspects, and procedures.

34
Q

Who elaborated on the original idea of marketing mix in the 1960s?

A

Neil H. Borden

35
Q

Who is the widely accepted founder of the marketing mix concept; in the form of 4Ps of Marketing?

A

Jerome McCarthy

36
Q

What are the main 4Ps?

A
  • People
  • Product
  • Pricing
  • Promotion
37
Q

Identify the “P” being described below.

This could refer to a physical product, a service or an experiece. Basically, anything that is being sold.

A

Product

38
Q

Identify the “P” being described below.

Signifies where you choose to distribute or allow access to your product or service.

A

Place

39
Q

Identify the “P” being described below.

The perceived value of your product should correlate with your budget.

A

Price

40
Q

Identify the “P” being described below.

The way that you choose to communicate with your audience and promote your product.

A

Promotion

41
Q

Identify the “P” being described below.

It’s important for consumers to know that the brand they’re purchasing from or interacting with, are legitimate and, well, actually existing in real life.

A

Physical

42
Q

Identify the “P” being described below.

Anyone who is involved either directly or indirectly in the business side of the enterprise. (e.g employees)

A

People

43
Q

Identify the “P” being described below.

Describes a series of actions that are taken in delivering the product or service to the consumer.

A

Process

44
Q

What are thee levels of product?

A
  • Core
  • Actual
  • Augmented
45
Q

Identify the level of product as described below.

It is not the tangible physical product. I tis the benefit of the product that makes it valuable to you.

A

Core Product

46
Q

Identify the level of product as described below.

It is the tangible, physical product.

A

Actual Product

47
Q

Identify the level of product as described below.

It is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium.

A

Augmented Product

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