Reference no: EM132755357

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.