Reference no: EM131748106

Need a 200 words minimum response for each with reference.

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.