1.2 Business planning

• What is a business plan?

  Formal written document
• What is the primary purpose of business planning?

  Clarity and strategic direction
• What is the role of a business plan for investors?

  Securing funding
• Why is business planning crucial for growth?

  Achieving goals and managing resources
• The Market Analysis in a business plan assesses the industry, competitors, and target customers
• A business plan serves as a roadmap
• Business planning helps optimize resource allocation and operational processes.
• The Executive Summary in a business plan provides a concise overview
• Match the stakeholder with their benefit from business planning:

  Entrepreneurs ↔️ Refine ideas and attract funding

  Investors ↔️ Gain confidence in viability

  Employees ↔️ Clarify roles and responsibilities
• A marketing strategy is an overall plan for promoting and selling a product or service.


  True
• A cohesive marketing strategy aligns all elements to engage the desired customer base.


  True
• Match the elements of a business plan with their descriptions:

  Executive Summary ↔️ Concise overview of the plan

  Business Description ↔️ Details about the company

  Market Analysis ↔️ Industry and competitor assessment

  Operations Plan ↔️ Production and logistics details
• Business planning ensures the business understands its target market and competitive landscape.
• Match the stakeholders of a business plan with their benefits:

  Entrepreneurs ↔️ Refine ideas and attract funding

  Investors ↔️ Confidence in business viability

  Employees ↔️ Clarifies roles and responsibilities

  Customers ↔️ Ensures high-quality delivery
• An organic skincare brand targeting health-conscious millennials is an example of a marketing strategy.

  True
• A key element of a marketing strategy is identifying the specific group of customers the business aims to reach, also known as the target
• What is the primary purpose of an operations plan?

  Day-to-day business operations
• What does the technology section of an operations plan provide an overview of?

  Systems and software
• Human Resources Management focuses on maximizing employee contributions to organizational goals.

  True
• What is the primary purpose of a business plan?

  Roadmap for decision-making
• Business planning provides a roadmap to achieve goals and efficiently manage resources
• Order the key components of a business plan:

  1️⃣ Executive Summary

  2️⃣ Business Description

  3️⃣ Market Analysis
• The market analysis assesses the industry, competitors, and target customers.


  True
• The key components of a business plan work together to provide a comprehensive roadmap for the business
• Aligning the 4 Ps creates a cohesive and targeted marketing strategy.


  True
• The logistics section of an operations plan addresses supply chain and distribution channels.


  True
• The projected cash flow statement shows projections of cash inflows and outflows
• Match the core functions of HRM with their descriptions:

  Recruitment and Selection ↔️ Attracting and selecting candidates

  Training and Development ↔️ Enhancing employee skills
• One of the core functions of HRM is recruitment
• Risk assessment involves identifying and evaluating potential threats
• What are the three qualities of effective financial goals?

  Specific, measurable, achievable
• What does KPI stand for in the context of monitoring business performance?

  Key Performance Indicator
• A well-crafted business plan is essential for securing investment.


  True
• Business planning provides investors with confidence in the business's growth potential.


  True
• A well-crafted business plan is only necessary for starting a new business.

  False
• What does the 'Operations Plan' in a business plan describe?

  Production, logistics, and operations
• What is a marketing strategy defined as?

  An overall plan
• What is a business plan defined as?

  A formal written document
• A well-crafted business plan is essential for securing investment and guiding growth.


  True
• What is a target market in a marketing strategy?

  Specific group of customers