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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

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Chapters Covered in Finals

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  1. 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

  2. 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?

  3. 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

  4. 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?

  5. 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?

  6. Components Business Plan • Executive Summary • General Description • Marketing Plan • Operational Plan • Financial Plan • Appendices

  7. 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?

  8. 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

  9. 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?

  10. 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

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