its a simulation

financial objectives

these include gross or net profit percentages as drawn from the projected financial statements

management objectives

these include enterprise type choice and completion of business registration requirements

internal objective

include expected learnings from the business simulation

customer objectives

these includes surveys from clients

specific measurable attainable relevant rime bounded

smart

goals

are shorter term directions

false

philippine sari sari store is an example of retailing business

wholesaling

sale of goods in large volumes

service

offers merchandise with no physical form

merchandising

buy and sell type of business

manufactoring

converting raw materials into finished products

secondary data

public documents, books, hournals, magazines, the internet

promotion strategies

utilize tools that are designed to communicate

service

features and characteristics may change with the clients experience of the same

cost plus pricing

specified amount is added to thhe unit cost

threat

changing customers’ needs and tastes

weakness

narrow product line

strength

good and well trained marketing staff

strength

affordable but profitable prices

weakness

inaccesible location to customers

opportunity

changes in market trends due to new developments

threat

costly regulatory requirements

threat

a rise in the sale of substitute goods

opportunity

sudden shifts in customers tastes, which favor the entrepreneurs products

weakness

below the average marketing skills

strength

high quality products

strength

good business location

strength (weakness, correction pg 17)

weak distribution image

opportunity

possibility of getting business offers from the external communities

threat

entry of low cost companies into the market

objectives

these are specific targets set by entrepreneurs to direct them into achieving their goals

mission statement

it is a declaration of the purpose of the organization and often defines the scope of its operations

vision statement

it is an affirmation of what the enterprise wants to become

false

feasibility of the business involves the availability of manpower

business plan

it is a management tool, which focuses on the nature of the business in a logical and organized manner

corporation

this refers to a separate body consisting of at least five individuals

partnership

refers to an association of two or more persons to carry on as co owners of a business for profit

sole proprietorship

owned by the individual who starts the business for which he has full responsibility

secondary data

public documents, books, journals, magazines, the internet

merchandinsing (correction, retailing)

sale of goods in small quantities