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Chapters Covered in Finals. Chapter 3 , Designing a Competitive Business Model and Building a Solid Strategic Plan Chapter 4 , Conducting a Feasibility Analysis and Crafting a Winning Business Plan Chapter 8 , Building a Powerful Marketing Plan Chapter 10 , Pricing Strategies

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chapters covered in finals
Chapters Covered in Finals
  • Chapter 3, Designing a Competitive Business Model and Building a Solid Strategic Plan
  • Chapter 4, Conducting a Feasibility Analysis and Crafting a Winning Business Plan
  • Chapter 8, Building a Powerful Marketing Plan
  • Chapter 10, Pricing Strategies
  • Chapter 11, Creating a Successful Financial Plan
  • Chapter 12, Managing Cash Flow
  • Chapter 13, Sources of Financing: Debt and Equity
  • Chapter 14, Choosing the Right Location and Layout
review questions
Review Questions
  • What is the purpose of a Business Model? A Feasibility Study? A Business Plan? What are their differences? What are their similarities?
  • What are the parts of the Business Plan that a lender would scrutinize? Why?
  • What is the competitive advantage of your group’s business idea? Why do you think it is achievable?
  • What is the chosen business strategy of your group? Why did you choose this strategy? How will you use this strategy to win?
purpose
Purpose
  • Business Model

envision your business idea, describe how it can gain competitive advantage

  • Feasibility Study

analyze your business idea’s possibility to succeed in the market, make profits, and earn enough

  • Business Plan

plan what you will do in marketing and operations, estimate financial results, obtain funding

components
Components

Business Model

  • Vision-What will it be? How successful will it be?
  • Mission-What will it do? How will it do it?
  • Goals-What will it achieve in what timeframe? SMART
  • SWOT-What are its positive and negative internal factors? What are its positive and negative external factors?
  • Industry Key Success Factors-What will make a company successful in this industry?
  • Competitive Profile Matrix-Who are my competitors and how do I compare against them as far as the industry KSFs are concerned?
  • Competitive Advantage-Because of this analysis, what is my competitive advantage over the others?
  • Business Strategy-How will I achieve this competitive advantage and succeed?
components5
Components

Feasibility Study

  • Industry and Market Feasibility

Why is this an attractive industry for me to go into? Why is this an attractive market for me to target?

  • Product or Service Feasibility

Will I be able to sell my product/service at a price higher than my cost to produce it so I can make enough profits?

  • Financial Feasibility

Will the estimated earnings exceed the interest I will earn if I just placed my money in the bank and I just got a job?

components6
Components

Business Plan

  • Executive Summary
  • General Description
  • Marketing Plan
  • Operational Plan
  • Financial Plan
  • Appendices
differences
Differences
  • Business Model

What is it? What can it be?

  • Feasibility Study

How successful will it be? Is it worth doing?

  • Business Plan

How it will be run? What help do I need?

similarities
Similarities
  • Business Model + Feasibility Study = Business Plan
  • The following are in all 3: industry description, target market analysis, product/service description
  • The following are in business model and business plan: VMG, competition, SWOT, strategy
  • The following are in feasibility study and business plan: financials

Note: Operations is only in Business Plan

competitive advantage
Competitive Advantage
  • The aggregation of factors that sets a small business apart from its competitors and gives it a unique position in the market superior to its competition
  • Why did you rank yourself higher in these KSFs compared to your competitors?
business strategy
Business Strategy
  • A road map of the actions an entrepreneur draws up to fulfill a company’s vision, mission, and goals.
  • Cost leadership: become lowest-cost producer relative to competitors
  • Differentiation: build customer loyalty by positioning goods or services in a unique or different fashion from competitors
  • Focus: select one or more market segments, identify special needs, wants and interests and approach those with a good product or service designed to excel in meeting those needs, wants and interests