ele q 3

true

T/F: The business plan describes both internal and external elements

size, scope, new venture

The depth and detail of a business plan depend on the \________ and \_________ of the \________ \_____________

environmental, industry analysis

the section of the business plan in which the entrepreneur identifies changes occurring on the national and international level is the \____________ and \__________ \_________

adjustments, market

It's a commitment to make \___________ as needed or dictated by \__________ conditions is true of implementing a market plan

break even numbers

\_________ \_________ \__________ would NOT be an operations information needed

true

T/F: industry analysis needs to only be conducted using primary research data

financial resources

\___________ \___________ are an internal environmental variable

product, price, distribution, promotion

The marketing mix consists of (4 things)

little, price, competition

when products can't be easy differentiated there is \________ room for \________ variations from the \_____________.

TV

which form of promotion is too expensive for most entrepreneurs to use?

primary data

observation, interviewing, and focus groups are examples of collecting

lenders

when evaluating business plans, \__________ are primarily concerned with the four Cs of credit

sell, business

the business plan presentation for potential investors should enable the entrepreneur to \_______ his/her \__________ concept in a designated period of time

distribution

a key element in the pricing strategy is \____________.

environmental analysis

an assessment of external uncontrollable variables that may impact the business plan is an \____________ \_____________

false

T/F: only service businesses need an operations plan

production plan

if the new venture is a manufacturing operation, a \____________ \__________ in the business plan is necessary

defining, business

1st step in preparing a marketing plan is \_____________ the \____________ situation

false

T/F: The promotional strategy was not taken seriously is a common reason why business plans fail

marketing

distribution, pricing, and promotion of the product are discussed in which section of the plan?

defining, purpose, objectives

considered to be the most difficult state of marketing research for an entrepreneur due to lack of knowledge or experience in marketing is \_____________ the \____________ or \____________

identify competitors

when collecting marketing info the entrepreneur should \___________ \_____________

marketing research

process of gathering info in order to determine who will buy the product and what is the most appropriate distribution channel

organization plan

The \______________ \__________ describes the business' form of ownership

market segmentation

Process of dividing the market into smaller homogenous groups

10-12, customers

focus group should consist of \________ potential \___________

plan, prepared

if the entrepreneur is constantly faced with significant changes in the marketing strategy, then it's likely that the \_________ was not \_____________ properly.

business-to-business

Kind of marketing that involves a more direct channel of distribution than consumer markets

assessment of risk

identifies potential hazards and alternative strategies ti meet business plan goals and objectives

true

T/F: the employee's perspective is not one of the main perspectives an entrepreneur should consider when writing the business plan

informal, market

focus groups are an \___________ method of gathering \__________ info

description of the venture

The part of the plan that describes the location and size of the business, the personnel and office equipment that will be needed, and the history of the venture is called the \____________ \____ \_______ \_______________