Discuss below in a 200 words each:
1 In developing a business plan, we must consider the eight key elements of a business plan. These eight key elements are
1) Executive Summary,
2) Market analysis,
3) Company Description,
4) Organization and Management,
5) Marketing and sales strategies,
6) Services/Product line,
7) Funding needs, and
8) Financials.
A good business plan is a living document that must be reviewed as the business evolves and the environment changes. How frequently should a business plan be reviewed, explain why?
2 What is an industry? Why is it important to include an "industry analysis" in a business plan?
3 Why is it important that the industry analysis focus strictly on a firm's industry rather than its industry and its target market simultaneously?
4 What are the four general rules of thumb for completing the industry size, growth, and sales projections portion of the industry analysis?
5 What topic should be discussed in the "industry structure" portion of an industry analysis? Why are these topics important?
6 Why is the industry trends portion of the industry analysis arguably the most important section of the analysis?
Text: Preparing Effective Business Plans
7 Why is estimating the size of a target market referred to as a "tricky" proposition?
8 Explain the purpose of a competitor analysis.
9 Explain why it's important to collect competitive intelligence, and describe some of the techniques that are used to collect it.