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business
small business management

Questions and Answers of Small Business Management

Explain the two types of business plans. In what situation(s) would you use each type of plan? LO.1
How might a business plan be helpful to individuals outside the fi rm? LO.1
Why is the executive summary so important? LO.1
How might an entrepreneur’s perspective differ from that of an investor in terms of the business plan? LO.1
Describe the major sections to be included in a business plan. LO.1
If the income statement of a fi nancial plan shows that the business will be profi table, why is there a need for a statement of cash fl ows? LO.1
Describe common mistakes that entrepreneurs make in writing a business plan. LO.1
Discuss whether a sophisticated investor would really make a decision based on a fi ve-minute review of a business plan. LO.1
Investors are said to be more market-oriented than product-oriented. What does this mean?What is the logic behind this orientation? LO.1
What advantages are realized by using a computer in preparing the narrative sections of a business plan? In preparing the fi nancial plan? LO.1
What is the basic problem that Rosenstein and Hull need to resolve? LO.1
What are the advantages and disadvantages of the proposed online consulting and the traditional approach to consulting? LO.1
What do you think Rosenstein and Hull should do? LO.1
What are the most urgent questions you would want the marketing plan to answer? LO.1
What details would you look for in the management plan? LO.1
Do you think this entrepreneur would need to raise closer to $1 million or $10 million in startup capital? Why? LO.1
At fi rst glance, would you consider the opportunity potentially attractive? Why or why not? LO.1
What problems might have contributed to the fi rm’s poor performance? LO.1
Although several problems were encountered in implementing the business plan, the primary reason for the low profi ts turned out to be embezzlement.Martin was diverting company resources for personal
Appendix A provides the complete business plan for Benjapon’s, a Thai restaurant in Boston.Based on your reading of this chapter, write a one-page report on what you like about the plan and what
A former chef wants to start a business to supply temporary kitchen help (such as chefs, sauce cooks, bakers, and meat cutters) to restaurants in need of staff during busy periods. Prepare a one-page
Suppose that you wish to start a tutoring service for college students in elementary accounting courses. List the benefi ts you would realize from preparing a written business plan. LO.1
Interview a person who has started a business within the past fi ve years. Prepare a report describing the extent to which the entrepreneur engaged in preliminary planning and his or her views about
As you might imagine, the Web is full of resources that can help you develop a business plan. One such business plan site is the Entrepreneur’s Center at The Beehive.a. Go to The Beehive website at
This chapter highlights several organizations—SBDC, SBA, and SCORE—that can be extremely helpful during the planning phase of starting your own business.a. At The Beehive’s Entrepreneur’s
Many software packages designed to assist in the writing of a business plan can be demo’d online. Use the Web to try out two different software applications. Which do you prefer? Why? LO.1
When and where is the business to start? LO.1
What is the history of the company? LO.1
What are the company’s objectives? LO.1
What changes have been made in structure and/or ownership? LO.1
In what stage of development is the company? LO.1
What has been achieved to date? LO.1
What is the company’s distinctive competence? LO.1
What are the basic nature and activity of the business? LO.1
What is its primary product or service? LO.1
What customers will be served? LO.1
What is the company’s form of organization? LO.1
What are the current and projected economic states of the industry? LO.1
Does the company intend to become a publicly traded company or an acquisition candidate, or do the owners want to transfer ownership to the next generation of the family? LO.1
What is the scope of small business marketing?Has it always been as broad as it is now? Why or why not? LO.1
How do the three marketing philosophies differ?Select a product and discuss marketing tactics that could be used to implement each philosophy. LO.1
What are the obstacles to adopting a consumer orientation in a small fi rm? LO.1
Briefl y describe each of the components of a formal marketing plan. LO.1
What are the steps in the marketing research process? LO.1
What are the major considerations in designing a questionnaire? LO.1
Briefl y explain the three components of the defi nition of a market, as presented in this chapter. LO.1
What types of variables are used for market segmentation? Would a small fi rm use the same variables as a large business? Why or why not? LO.1
Explain the difference between a multisegment strategy and a single-segment strategy. Which one is more likely to be appealing to a small fi rm? Why? LO.1
Explain why forecasting is used more widely by large fi rms than by small ones. LO.1
What type of research could Herman do to estimate the demand for her skin-care product? LO.1
How might she raise the funds to start up her small business? LO.1
How could a marketing plan help Herman be more successful as her company grows? LO.1
What target market or markets can you identify for Wilson? How could she forecast sales for her service in each market? LO.1
What advantage does her business have over existing grooming businesses? LO.1
What business name and promotional strategy would you suggest that Wilson use? LO.1
How often do you visit restaurants? LO.1
What is your favorite restaurant in Kokshetau? Why? LO.1
What is the most important factor for you in choosing a restaurant? LO.1
Would a small, neat café with traditional food appeal to you?a. (If no) Why not?b. (If yes) When would you patronize it? LO.1
How much are you willing to pay for dinner? LO.1
What are the strengths and weaknesses of the sample used in this survey? LO.1
Evaluate the questions used in the survey. LO.1
Where might Powell go to have a prototype of his product built? LO.1
Where should Powell seek advice about how to market his product? LO.1
What other markets might be right for a lighted magnifying glass? LO.1
Interview a local small business manager about what she or he believes is the marketing philosophy followed by the business. LO.1
Assume you are planning to market a new facial tissue. Write a detailed customer profi le, and explain how you would develop the sales forecast for this product. LO.1
Interview a local small business owner to determine the type of marketing research, if any, he or she has used. LO.1
Visit a local small retailer and observe its marketing efforts—for example, salesperson style, store atmosphere, and warranty policies. Report your observations to the class, and make
About.com is a large and complex site offering advice and information on a wide range of topics. Its marketing advice and information pages are viewable at http://marketing.about.com. Under
Go to the Small Business Administration’s website at http://www.sba.gov. Select “Plan Your Business” under the site’s “Small Business Planner.”a. Click on the “Write a Business Plan”
Who is your competition? LO.1
Have you conducted a SWOT analysis? LO.1
What is the customer profi le for your product and/or service? LO.1
How will you identify prospective customers? LO.1
What geographic area will you serve? LO.1
What are the distinguishing characteristics of your product and/or service? LO.1
What steps have already been taken to develop your product and/or service? LO.1
What do you plan to name your product and/or service? LO.1
Will there be a warranty? LO.1
How will you set the price for your product and/or service? LO.1
What type of distribution plan will you use? LO.1
Will you export to other countries? LO.1
What type of selling effort will you use? LO.1
What special selling skills will be required? LO.1
What types of advertising and sales promotion will you use? LO.1
Can you use public relations and publicity to promote your company and product/service? LO.1
What types of research should be conducted to collect the information you need? LO.1
How much will this research cost? LO.1
What sources of secondary data will address your informational needs? LO.1
What sources of relevant data are available in your local library? LO.1
What sources of outside professional assistance would you consider using to help with marketing research? LO.1
Is there information available on the Internet that might be helpful? LO.1
What research questions do you need answers to? LO.1
Will you focus on a limited market within the industry? LO.1
What segmentation variables will you use to defi ne your target market? LO.1
If you determine that several distinct market segments exist, will you concentrate on just one segment? LO.1
How do you plan to forecast sales for your product and/or service? LO.1
What sources of forecasting assistance have you consulted? LO.1
What sales forecasting techniques are most appropriate to your needs? LO.1

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