Notes on business plan

Question 1

3) What is the PESTLE analysis?

Answer 1

A PESTLE analysis enables businesses to identify challenges that are posed by the following external factors

1 - physical.
2 - economical.
3 - social.
4 - technological.
5 - legal.
6 - environmental.

Question 2

4) 11 components of a business plan.

Answer 2

1 - Cover page.
2 - Index.
3 - Executive summary.
4 - Description of business.
5 - SWOT analysis.
6 - Legal requirements for business.
7 - Marketing plan.
8 - Operational plan.
9 - Financial plan.
10 - Management plan.
11 - Competitior analysis.

Question 3

6.1) What is a vision?

Answer 3

The dream of the business.

Question 4

6.2) What is a mission statement?

Answer 4

Describes the purpose and basic activities of the business.

Question 5

6.3) What is a goal?

Answer 5

Long term aims that the business wants to achieve.

Question 6

6.3) What is a business objective?

Answer 6

Explains how the goals of the business will be reached.

Question 7

8) Types of legal requirements of a business.

Answer 7

1 - Basic conditions of Employment Act.
2 - National Credit Act.
3 - Environmental Conservation Act.

Question 8

10) Name the 7p’s.

Answer 8

A marketing plan can be explained by using 7 elements.

1 - Product.
2 - Price.
3 - Place.
4 - Promotion.
5 - People.
6 - Process.
7 - Physical environment.