The nature of business planning (Edexcel GCSE Business): Flashcards
📚Flashcards
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Practise the cards
13 cards from this deck
Purpose of business plan
Purpose of business plan
Roadmap & guide for decisions, convinces investors
How many core components in business plan?
How many core components in business plan?
Eight components
SMART objectives meaning
SMART objectives meaning
Specific, Measurable, Achievable, Realistic, Time-bound
What does market research identify?
What does market research identify?
Target customers, market conditions, competitors
What do financial forecasts include?
What do financial forecasts include?
Costs, revenue, profit, cash flow, budgets, break-even
Four Ps of marketing mix
Four Ps of marketing mix
Product, Price, Place, Promotion
Effect of planning on risk
Effect of planning on risk
Significantly reduces risks, improves success chances
Business idea section includes
Business idea section includes
Clear overview of what business does & how it operates
Location section covers
Location section covers
Where business based & why location chosen
Production methods section describes
Production methods section describes
How products made/services delivered & suppliers
Sources of finance section explains
Sources of finance section explains
How funded initially & where additional money from
Key benefits of business planning
Key benefits of business planning
Reduces risk, prevents problems, improves decisions, helps secure funding
Why are SMART objectives important?
Why are SMART objectives important?
Give direction & way to measure success