Business Foundations 12th Edition By O C Ferrell

6) Which of the following is the best reason that you should submit your business plan idea to your instructor as early as possible?

1. A) to get feedback on ways to improve your idea
2. B) to pique your instructor’s interest in your idea
3. C) to eliminate wasted effort on unfeasible ideas
4. D) to request your instructor’s help in researching your idea
5. E) to make sure your idea is completely different from what other students are doing

7) Christina’s instructor asked each student in her class to develop a hypothetical business plan for new and unique good, service, or business. Her idea is to start a new online beauty consulting firm. What is the first thing she should do to start this project?

1. A) write an executive summary for her business
2. B) create a marketing plan for her business
3. C) do some online research to see if similar businesses exist
4. D) talk to owners of similar businesses to make sure her idea is feasible
5. E) submit her idea to her instructor for approval

8) Business plan proposals will be evaluated based on

1. A) whether your business will ultimately succeed or fail.
2. B) their thoroughness and your ability to provide support for the idea.
3. C) the originality of your idea.
4. D) your ability to sell your product to your peers.
5. E) your ability to show proven sales results.

9) Joe is creating a business plan for a new robot that can do his homework for him. What element should his business proposal include?

1. A) a competitive analysis
2. B) a detailed product drawing
3. C) a detailed and final plan for producing the product
4. D) a comprehensive and fully developed marketing plan
5. E) a sample version of his product

10) Bethany is developing a business proposal for a new vegetarian frozen foods brand. Her business description should include all of the following EXCEPT

1. A) an overview of the frozen vegetarian foods she wants to produce.
2. B) her vision for the proposed frozen vegetarian foods.
3. C) a reason that these frozen vegetarian foods should be produced.
4. D) a strategy for appealing to her target market.
5. E) a rationale for why she believes her business will succeed.

11) Daniel wants to start a new spin studio. He believes that spin studios that exist as part of established gyms are not effective because spinning requires a dark room and loud music. He also doesn’t like that most gyms only have a few spin classes per day. He plans to hire enough instructors to offer more classes throughout the day, not just during the high-traffic morning and evening time frames. His overall purpose is to provide optimal conditions for spinning and to start a community that works together to reach fitness goals through spinning. Which element of a business description does this scenario best describe?

1. A) a rationale
2. B) a mission
3. C) an objective
4. D) a competitive analysis
5. E) a target market analysis

12) Which component of the brief marketing plan should be included in the business proposal?

1. A) selecting a name for the business
2. B) developing a reason for the business’s existence
3. C) explaining why you want to start this business
4. D) revealing your vision for the business
5. E) indicating why this business will be successful given the market