A business plan is a written document that serves as a blueprint and guide for a proposed business project.
2. Lack of commitment and dedication is one of the pitfalls in preparing business plan. 3. The cover letter is often enclosed with the completed business plan as an introduction to the purpose and contents of attached plan. 4. Manpower planning section is part of schedule of tasks and responsibility.
5. Market size is the target customer group that can be identified through a market segmentation process. 6.Marketing strategies are only formulated based on the reduce to be offered, the price to be charged and the distribution required to achieve and forecasted sales.
7. The operations overhead encompass water, electricity, telephone and gas facilities as well as other basic utilities that are essential in moving the operations. 8. According to SMILED, a medium sized business is a business establishment with an annual sales turnover of between ARM 10 million and ARM 20 million and which employ not more than 150 full time workers.
9. Big company has more flexibility to adapt to changes in the environment due its size and structure. 0. Method of operation or production process is considered as ‘materials input’ in transformation process. 11. A good business objective should be specific, measurable, achievable, consistency, and time frame. 12.
Controlling involves assigning of Jobs and responsibilities, motivating employees, and providing/ receiving feedback. 13. Span of control refers to number of workers under supervision of a manager. 14. The organizational structure based on regions based on clients is suitable for business that has several outstanding clients that contribute to most of company’s sales turnover. 15.Selection process involves three methods: Job application form, Job interview and selection tests.
16. The Employment Injury Scheme provides employee with 24 hour coverage in the event of validity or death. 17. Demographic segmentation is based on age, occupation, state, division, climate and preferences. 18.
There are three steps in preparing sales forecast: determine market size, identify competitors and estimate market share. 19. Pre sales period involved particularly involved in agricultural, and farming operations. 20.
Value based pricing is the form of competition based on competition pricing Saccharine.