5/29 Planning Vission & Mission

What is a business plan?

• A verbal agreement between partners

• A written description of the nature of the business, its goals and objectives, and how they will be achieved

• A financial statement of the company

• A marketing strategy document

Which section of a business plan outlines the basic results expected in the short and long run?

• Marketing Plan

• Financial Plan

• Goals and Objectives

• Organizational Plan

What does the Marketing Plan section of a business plan typically include?

• Projected income, expenses, and profit

• Legal factors—licenses, leases, contracts

• Pricing, distribution, and promotion activities

• Background of entrepreneur(s)

In which section of a business plan would you find information about cash start-up and cash flow needs?

• Nature of the Business

• Financial Plan

• Marketing Plan

• Organizational Plan

What is the purpose of the Organizational Plan section in a business plan?

• To describe the size and location of the business

• To outline the legal form of ownership and job descriptions

• To compare products or services with competitors

• To express results in terms of sales volume or profits

What is considered the most important business activity according to the text?

• Marketing

• Planning

• Sales

• Customer Service

How does planning benefit managers in decision-making?

• It makes them more creative.

• It encourages them to be precise and objective.

• It allows them to avoid making decisions.

• It helps them to be more subjective.

What is a mission statement?

• A detailed plan for achieving business goals

• A short, specific statement of the business’s purpose and direction

• A list of the company’s products and services

• A description of the company’s financial status

What does a vision statement represent?

• The company’s reason for existing

• The company’s marketing strategy

• The company’s financial goals

• The company’s employee policies

What is the primary focus of a mission statement?

• Outlines where you want to be

• Defines the purpose and primary objectives

• Lists future goals

• Describes the values of your business