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Need a 200 words minimum response for each with reference by Thursday.


Text: Preparing Effective Business Plans, Ch. 5


#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, Ch. 6


#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.

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