Chapter 5 Entrepreneurship

Things that promote or enhance the value of a product or a service to the customer are

A feasibility test should not be used to test a concept in the marketplace

To save time, investors and lenders rely on the business plan for decision making

A clear and concise description of a business opportunity is referred to as:

Research into the companies providing similar goods is covered in the industry overview

Delivering a service or product using a middleman is

A brief recounting of the key points contained in a business plan

People most likely to buy a business’s products and services are referred to as:

The marketing plan includes

A feasibility analysis can help determine whether business conditions are appropriate

To begin developing a business plan

A business plan presents a strategy for turning a feasible business concept into a business.

The product or service, the customer, the benefit, and the distribution are part of the:

Delivering a service or product directly to the customer is

A working model used to determine what it takes to develop their products or services

The executive summary is written ________ the business plan

A group of businesses with a common interest is referred to as:

The operational plan describes the distribution channel of the product or service

A business plan should be written prior to conducing a feasibility analysis.

Distinctive aspects, qualities, or characteristics of a product or service are

The feasibility analysis is testing the business concept's

A document that describes a new business and a strategy to launch that business

Research on the customer profile gathered from primary/secondary marketing research resources

The process that tests a business concept

A business plan will help the entrepreneur develop a strategy for executing the concept.

Defining a prospective business by writing a clear and concise business concept is important

The management team presents your qualifications and those of any partners.

The nature of your business and the unique features of the product or service is covered in

The distribution channel through which a product flows from the producer to the customer.

The company description section of the business plan outlines the managers background info

A description of how entrepreneurs plan to make money with their business concepts is

A tool for organizing important information about a business venture’s competition

Business concepts need to be tested in the market