BME Exam Quizz Bank | 698 Questions with Complete Verified Solutions
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Course
BME
Institution
BME
Main functions of business plan
· Getting finance
· Prioritising operations
· Maintaining visions and goals
· Providing direction for the business
Elements of a business plan
1. Executive summary
2. Vision and mission statement
3. Profile of the business
4. Marketing plan
5. Operation...
describes how the business was set up and the capital required
A business concept should include
· a description of the product
· a market summary and customer description
· an analysis of potential income and profits
· an assessment of potential risks
Business ownership
outlines the type of business
· it includes a summary of cv of each owner/
Competitor breakdown
gives a summary of the industry that the business is working within location of
the business
Clients and advisors
includes details of any of the business major clients or advisors
, Operations strategy
summary of how the business will undergo the production process. Needs to include:
· location
· pricing strategies
· internal controls
· risk management strategies
Marketing plan key elements
1. current position in market
2. market research
3. the product
4. target market analysis
5. marketing goals
6. marketing mix
7. costing
Competitor analysis
To summarise strengths and weaknesses of competitor products includes:
Product, Price, Positioning, Premises, People, Type
Budgeted income statement
A financial statement that companies use to estimate their future bottom line
· Helps a company plan ahead to make sure they have money on hand to cover
their debts
Formula for income statement
Income- expense = profit/loss
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