![]() ![]() Enlist the five forces as per the Porter’s Model. ![]() In other words, business plan is the development of a written document that spells out like a roadmap where you are, where you want to be, and how you want to get there. Write the essential qualities of opportunity.īusiness plan is a written document prepared by the entrepreneur that describes all the relevant external internal elements involved in starting a new venture. During the process, the group converges towards the common idea which is correct. Write a short note on Delphi technique as a source of idea generation.ĭelphi technique is a series of feedback loops, where the answers from one round of information gathering are summarised and sent out again to be voted upon. These individuals are asked about their opinions, beliefs, perception, attitude towards a product, service, concept and advertisement which lead towards the development of certain idea. Write about focus group.Ī focus group is a group of 6-12 persons that represents various socio economic backgrounds and are experts in the concerned groups. In other words, it may be defined as something that you imagine or picture in your mind. Define idea.Īn idea is something such as a thought or conception that is the product of mental activity. Every individual trying to be an entrepreneur must be able to identify a business idea and pay attention to venture creation. Venture creation is the process of turning a new idea or technology into a business that can succeed and will attract investors. Industry analysis helps to understand the forces at work in the overall industry and thus is an important component of effective strategic planning. ![]() Industry analysis is a tool that facilitates a company or new venture’s understanding of its position relative to other companies producing similar products or services. What is marketing plan?Ī marketing plan is a business document written for the purpose of describing the current market position of a business and its marketing strategy for the period covered by the marketing plan. ![]()
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