P2 Business Ventures Flashcards
(51 cards)
The components of
a Business Plan
- cover page
- contents page/index
- executive summary
- description of the business/overview
- SWOT analysis
- legal requirements of business
- marketing plan
- operational plan
- financial plan
- management plan
- competitor analysis.
What is a business plan?
a document setting out a business’s future objectives and strategies for achieving them.
Executive summary:
a short document or section of a document that summarises the entire business plan.
Financial analysis:
refers to the assessment of the viability and the
profitability of the business.
viability the ability of a business to survive for a long time
Marketing mix:
A set of actions that the business uses to promote its brand.
Marketing plan:
A strategy of how the business is going to sell its products/
service to customers.
The importance of a business plan
Purpose of the executive summary
Name FOUR types of legal requirements of a business.
Different types of legal requirements of
a business
- A business needs to be registered before it can obtain finance or start doing transactions.
- A business needs to comply with the following types of legal requirements:
– trading licenses and permits to operate legally
– taxation regulations
– international trading/exporting and importing requirements/exchange rates
– registration
– registration fees
– the Basic Conditions of Employment Act (BCEA) (No. 75 of 1997)
– the Labour Relations Act (LRA) (No. 66 of 1995)
– the National Credit Act (NCA) (No. 34 of 2005)
– the Environmental Conservation Act (No. 73 of 1989)
– patents and copyrights.
The meaning of the marketing plan
Outline the importance of market research.
Importance of Market Research:
1 Helps Develop a Marketing Plan: Market research is essential for promoting products and services effectively.
2 Understands Customer Needs: It helps the business understand what customers want and need.
3 Identifies the Target Market: Research helps define the group most likely to buy the product or service, based on factors like age, gender, income, and education.
**4 Provides Useful Insights: ** The results show the level of interest the target market has in the business’s goods or services.
5 Guides Decision-Making: Market research ensures the business makes informed decisions to meet customer demands.
The meaning of the marketing mix with specific reference to the 7Ps
The marketing plan can be explained by using seven elements, which is often
referred to as the 7Ps of marketing.
1. product,
2. price,
3. place,
4. people,
5. promotion,
6. process,
7. physical environment.
Exam Question
about Team Performance
Discuss initiatives businesses can take to address poverty and inequality
Recommend ways in which businesses can create an environment that enables teams to work effectively.
What is the Environmental Conservation Act (ECA) No. 73 of 1989?
Environment Conservation Act. No. 73 OF 1989. The Act aims at providing for the effective protection and controlled utilization of the environment and for matters incidental thereto.
Business opportunities and related factors
Difference Between Internal and External Market Research:
What is the Environmental Conservation Act (ECA) No. 73 of 1989?
Environment Conservation Act. No. 73 OF 1989. The Act aims at providing for the effective protection and controlled utilization of the environment.
Advantages of internal and external market research
Disadvantages of internal and
external market research
SWOT Analyis
Types of Visual Aids
Tables
- A table is a data structure that organises information into rows and columns.
- Tables are used to compare and contrast information.
Types of Visual Aids
Graphs
