Marketing EssentialsSection 1:
The Business PlanAfter You Read Online ActionKey Terms and Concepts - A business plan is important because: 1) it describes the proposed business to potential investors or lenders; 2) it guides you as you open the business; and 3) it helps you to manage the business' profitability.
- description and analysis of the business situation, organization, marketing plan, and financial plan for the proposed business
- A trading area is the geographical area from which a business draws its customers. Before going into business, you must analyze the trading area with respect to geographic, demographic, and economic data as well as competition.
Academic Skills - Buying Power Index = .00972; (.5 X .0103) + (.3 X .0099) + (.2 X .008) = .00515 + .00297 + .0016 = .00972
- Students should include such factors as employment levels, major industries, income, education, cultural/ethnic characteristics, etc., in their reports.
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