Intro-Into-Business: Project 1 - Business Plan

1. Administrative Assistant 2. President 3. Customer Service Representative 4. CEO 5. Marketing Specialist A. provides the strategic vision and mission for a company B. provides support to executives, managers, and other employees of the company C. responsible for leading the organization and ensuring that the goals of the company are executed D. designs and executes plans to position the company favorably with customers and in the marketplace E. responds to customers' questions and concerns

1. = B. 2. = C. 3. = E. 4. = A. 5. = D.

1. Management Summary (Human Resources) 2. Market Research 3. Financial Information 4. Strategy Implementation/Marketing 5. Product/Service Description 6. Company Overview 7. Business Operations 8. Executive Summary 9. Industry Overview A. Briefly describes the business concept and the business's major goals and objectives. B. Defines the business type, the customers it serves, the products and/or services it offers, the number of individuals it employs, its market position, and so forth. C. Briefly describes how the company plans to organize its leadership team. D. Defines the industry to which the business belongs, the major characteristics of the industry, and the strengths and weaknesses of the industry's major competitors. E. Describes the products and/or services the business is selling and why those products and/or services provide more value than those of the competitors. F. Examines the current marketplace and the need for the product and/or service being offered; should include a competitive analysis and data about customers. G. Describes detailed sales forecasts, promotion plans, and all scheduled advertising programs. H. Describes the business practices a company intends to implement in order to achieve the highest level of organizational and operational efficiency in order to maximize profits I. Depicts such details as forecasted revenue over a period of time and funding committed by investors; also details the amount of capital required to continue operations

1. = C. 2. = F. 3. = I. 4. = G. 5. = E. 6. = B. 7. = H. 8. = A. 9. = D.

1. Hair and beauty 2. Software applications 3. Opinion polls 4. Construction materials 5. Inland water Freight A. 4100 - Buildings B. 5820 - Publishing C. 5022 - Transportation and freight D. 7320 - Market research E. 9620 - Personal services

1. = E. 2. = B. 3. = D. 4. = A. 5. = C.

1. Cost of Supplies 2. Unit Costs 3. Sales Projections Operating Costs 4. Income Statement 5. Startup Investment 6. Financial Strategy 7. Balance Sheet 8. Statement of Cash Flows A. Cost of Goods Sold (COGS) B. Web development C. Labor D. Personal Savings E. Trade Credit F. Office equipment G. Monthly unit amount Cell phone bill H. Mortgage Payment

1. = F. 2. = C. 3. = G. 4. = A. 5. = B. 6. = D. 7. = H. 8. = E.

1. turbo boost 2. non-glare screen 3. Bluetooth capability 6. touch-screen capabilities 7. expandable memory A. faster processing time B. allows multiple applications to run at once C. reduces strain on the eyes D. enhances user's experience E. allows for wireless hookup to multiple hardware devices

A. = 1. B. = 5. C. = 3. D. = 4. E. = 2.

A. Product Benefits B. Product Features 1. turbo boost 2. non-glare screen 3. Bluetooth capability 4. faster processing time 5. allows multiple applications to run at once 6. touch-screen capabilities 7. expandable memory 8. reduces strain on the eyes 9. enhances user's experience 10. allows for wireless hookup to multiple hardware devices

A. Product Benefits 1. turbo boost 2. non-glare screen 3. Bluetooth capability 6. touch-screen capabilities 7. expandable memory B. Product Features 4. faster processing time 5. allows multiple applications to run at once 8. reduces strain on the eyes 9. enhances user's experience 10. allows for wireless hookup to multiple hardware devices

Which of the following best represent a complete mission statement? A. To deliver groceries to the world. B. To expand across the world and provide delicious food to people everywhere. C. To passionately create innovation for our stakeholders at the intersection of chemistry, biology, and physics. D. To find a cause in the hopes of providing a service for people in need. To create a better life for people. E. To travel abroad and to make people happy everywhere we go.

C. To passionately create innovation for our stakeholders at the intersection of chemistry, biology, and physics.

Which of the following represents a vision statement? A. To give our employees a safe place to work. B. To strive to create an environment where all animals, plants and flowers are safe from harmful pesticides, never letting the pressures of society stop us! C. To be recognized as a world leader in safety. D. To provide organically grown food products to consumers around the world to increase the quality and longevity of their lives—today and in the future. E. Import and market semi-precious stones from East African countries.

D. To provide organically grown food products to consumers around the world to increase the quality and longevity of their lives—today and in the future.

Which of the following positions will Voluntrip need to meet its projected growth objectives? A. maintenance worker B. records clerk C. irrigation designer D. sales representative E. business analyst

D. sales representative

A. Business Location B. Equipment C. Labor D. Operational Processes 1. Monitor vendor bargaining power 2. Train all employees on new systems 3. Acquire computers, copiers, telephone systems 4. Minimize production errors 5. Utilize lean manufacturing

A. = B. = 3. C. = 2. D. = 1. 4. & 5.

A. Cost of supplies B. Unit costs C. Sales projections D. Operating costs E. Income statement F. Startup investment G. Financial strategy H. Balance sheet I. Trade credit 1. Cell phone bill 2. Monthly unit cost 3. Personal savngs 4. Office equipment 5. Mortgage payment 6. Cost of good sold (COGS) 7. Labor 8. Statement of cash flows 9. Web development

A. = 4. B. = 7. C. = 2. D. = 1. E. = 6. F. = 9. G. = 3. H. = 5. I. = 8.

A. Demographics B. Psychographics C. Benefit D. Geographic E. Volume 1. highway welcome centers 2. auto door locks on cars 3. bus services for big cities 4. fitness centers in hotels 5. points for repeat customers 6. credit card reward points 7. luxury hotels 8. fitness gear for women 9. menu options for young children 10. high-end restaurants

A. Demographics 8. fitness gear for women 9. menu options for young children B. Psychographics 7. luxury hotels 10. high-end restaurants C. Benefit 2. auto door locks on cars 4. fitness centers in hotels D. Geographic 1. highway welcome centers 3. bus services for big cities E. Volume 5. points for repeat customers 6. credit card reward points

A. Objectives B. Goals 1. increase the use of sustainable products 2. Return all customer call within 24 business hours. 3. Increase market visibility within the first 24 months 4. Identify a new city once each quarter for company expansion. 5. Decrease shipping times to 2-3 days from order date 6. To become the #1 provider of quality service 7. Increase annual sales each month by adding three new accounts. 8. Increase employee staff from 10 to 20. 9. Implement employee training program within first 6 months. 10. Increase profits by 10% by Year 3

A. Objectives 2. Return all customer call within 24 business hours. 4. Identify a new city once each quarter for company expansion. 5. Decrease shipping times to 2-3 days from order date 7. Increase annual sales each month by adding three new accounts. 9. Implement employee training program within first 6 months. B. Goals 1. increase the use of sustainable products 3. Increase market visibility within the first 24 months 6. To become the #1 provider of quality service 8. Increase employee staff from 10 to 20. 10. Increase profits by 10% by Year 3

1. Enslin's Blacktopping 2. eBay 3. DMC Global Inc. 4. Ben & Jerry's 5. Wal-Mart Stores, Inc. 6. Joe's Pizza A. Sole Proprietorship B. Partnership C. Corporation

A. Sole Proprietorship 6. Joe's Pizza 1. Enslin's Blacktopping B. Partnership 4. Ben & Jerry's 2. eBay C. Corporation 3. DMC Global Inc. 5. Wal-Mart Stores, Inc.

A. Strengths B. Weaknesses C. Opportunities D. Threats 1. profits in excess of $10M annually 2. innovative product offerings 3. decreases in cost of raw materials 4. increased customer complaints 5. investment in R&D below industry standards 6. market demand for new products 7. effective corporate social responsibility projects 8. rising pay levels 9. higher debt income ratio 10. more than 1,000 employees 11. growth in online purchases 12. increased government regulations 13. new competitive product introductions 14. heavily diversified product mix 15. subpar working relationships with suppliers 16. competitors have exited the market

A. Strengths 1. profits in excess of $10M annually 2. innovative product offerings 7. effective corporate social responsibility projects 10. more than 1,000 employees B. Weaknesses 5. investment in R&D below industry standards 9. higher debt income ratio 14. heavily diversified product mix 15. subpar working relationships with suppliers C. Opportunities 3. decreases in cost of raw materials 6. market demand for new products 11. growth in online purchases 16. competitors have exited the market D. Threats 4. increased customer complaints 8. rising pay levels 12. increased government regulations 13. new competitive product introductions

Given her experience and skills set, which of the following roles would Sarita best serve for Voluntrip? A. Customer Service Leader B. Client Manager C. Marketing Specialist D. Maintenance Assistant E. President & CEO

B. Client Manager

Which of the following best describes the travel and tourism industry? A. The travel and tourism industry is segmented into three major categories: economy, business, and superior. B. Travel and tourism businesses provide information to individuals seeking to travel for professional and personal reasons domestically and abroad. C. Travel and tourism businesses only provide services related to transportation and lodging. D. Travel and tourism businesses have transformed into a wholly online industry. E. Travel and tourism businesses account for more than 20,000 jobs in the United States.

B. Travel and tourism businesses provide information to individuals seeking to travel for professional and personal reasons domestically and abroad.

According to the Management and Human Resource Summary, Voluntrip has experience in the following areas except A. leadership. B. communications. C. contract negotiation. D. customer service. E. travel planning.

C. contract negotiation.

Which of the following describes the competitors in the travel industry? A. There are a few competitors that provide full travel services. B. There are a few competitors that provide limited travel services. C. There are many competitors, but only two are considered to be major competitors. D. There are many competitors that provide travel services locally, globally, and online. E. There are only two competitors that provide travel services online.

D. There are many competitors that provide travel services locally, globally, and online.

Which of the following pieces of information are critical to creating an industry overview? A. capital investment B. number of industry categories C. business publications D. guaranteed profits E. market size and growth

E. market size and growth