Which section of the business plan focuses on the specific segments or target market of an industry to which the firm will try to appeal?

Entrepreneurship: Successfully Launching New Ventures,

5e (Barringer/Ireland)

Chapter 6 Writing a Business Plan

1) TempoRun, the company profiled in the opening feature of Chapter 4, makes an iPhone app

that syncs the songs on a user’s phone with his or her running pace. In 2013, the founders won a

business plan competition that they later characterized as Shark Tank times 10. The judges were

executives and well-known entrepreneurs from companies like Google, Square, and TechStars.

The competition was ________.

1.A) Student Startup Madness held at the South by Southwest Festival in Austin,

Texas

2.B) CES Student Pitch Day held at the Consumer Electronics Show in Las Vegas,

Nevada

3.C) Student Startup Weekend held in Portland, Oregon

4.D) World Student Pitch Event held at the United Nations in New York, New York

5.E) California Cup Student Pitch Event sponsored by the City of Los Angeles,

California

Answer: A

Diff: 1 Page Ref: 181

LO: 6.1: Explain the purpose of a business plan.

AACSB: Reflective Thinking

2) Peter Watson is thinking about launching a small business consulting company. To get advice

on how to proceed, he stopped by his local Small Business Administration (SBA) office. The SBA

advisor told Peter that one of the first things he needs to do is to sit down and write a 25 to 35

page narrative that describes what his new business plans to accomplish and how it plans to

accomplish it. The SBA advisor is telling Peter to write a(n) ________.

1.A) tactical plan

2.B) marketing plan

3.C) operations plan

4.D) business plan

5.E) feasibility analysis

Answer: D

Diff: 1 Page Ref: 183

LO: 6.1: Explain the purpose of a business plan.

AACSB: Reflective Thinking

3) Which of the following is the main purpose for writing a business plan?

The market analysis breaks the industry into segments and zeros inon the specific segment (or target market) to which the firm willtry to appeal.Items to include in this section:Market segmentation and target market selection.Buyer behavior.Competitor analysis.Most startups do not service their entire industry.Instead, they focus onservicing a specific (target)market within the industry.It’s important to include a section inthe market analysis that deals withthebehavior of the consumers in themarket.The more a startup knowsaboutthe consumers in its targetmarket, the more it can tailor its products orservice appropriately.

21Marketing PlanMarketing PlanThe marketing plan focuses on how the business will market andsell its product or service.Items to include in this section:Overall marketing strategy.Product, price, promotions, and distribution.The best way to describe a startup’s marketing plan is to start by articulatingits marketing strategy, positioning, and points of differentiation, and then talkabout how these overall aspects of the plan will be supported by price,promotional mix, and distribution strategy.This section of the business plan typically is carefully scrutinized. Itisvery important to investors, in particular, to be confident that a newventure has a product that people will buy and has a realisticplan forgetting that product to market.This section should begin with a filled description of the product thefirm will sell than has been provided in previous sections of theplan.The results of the feasibility analysis should be reported,including the results of the concept tests and the usability tests.(con…)

22Marketing Plan (con…)Marketing PlanAfter reading this section of the plan, an investor should beconfident that the firm’s overall approach to its target marketandits product strategy, pricing strategy, channels ofdistribution, andpromotional strategy are in sync with oneanother and makesense.

2323Management Team and Company StructureManagement Team and Company StructureThe management team of a new venture typically consists ofthe founder or founders and a handful of key managementpersonnel.Items to include in this section:Management team.Board of directors.Board of advisers.Company structure.This is a critical section of a business plan. Many investors and otherswho read the business plan look first at the executive summary and thengo directly to the management team section to assess the strength of thepeople starting the firm.

24Operations PlanOperations PlanThis section of the plan deals with the daytoday operations of‐‐the company.Outlines how your business will be run and how your product orservice will be produced.

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Which section of the business plan focuses on the specific segment or target market of an industry to which the firm will try to appeal Mcq?

Which section of the business plan focuses on the specific segment or target market of an industry to which the firm will try to?

Is a section of the business plan which breaks the industry into segments and zeros in on the specific segment or target market to which the firm will try to appeal?

What type of business plan that target a specific audience within the business for example the marketing team who need to evaluate a proposed project?