Management Assignment Sample
Q1:
Answer :To create a business plan and you need to figure out your financial, human and physical resources.
Financial resources are the money you need to start and run the business. Begin by looking at what funds you already have and like personal savings or loans and see if you need more. You might be able to get extra money from banks, investors, or grants.
Human resources are the people who will work for you. Review your current team’s skills to see if they match your goals. If you need different skills and consider hiring new people, training current staff, or outsourcing work.
Physical resources are the items needed to operate, like office space, equipment, technology, and marketing materials. Check what you already own and only buy what’s necessary to keep costs down. By identifying these resources and you’ll help your business run smoothly and be prepared to reach its goals.
Q1: Answer the following Question: What is customer needs analysis? Write your answer in 50-100 words. What is a customer profile? Write your answer in 50-100 words. What budget information should be included in the business plan? Write your answer in 150 - 200 words
Answer :Customer Needs Analysis
Customer needs analysis is about understanding what customers want and need. It involves collecting information through surveys, feedback, and research to find out what products or services they are looking for. This helps businesses adjust their offerings to meet customer expectations, improve satisfaction, and stay competitive in the market.
Customer Profile
A customer profile is a description of the typical person who buys a business’s products or services. It includes details like age and gender, income, location, and job, as well as lifestyle and buying habits. This helps businesses understand their customers better and create better marketing and products.
Budget Information in Business Plans
A business plan should include a budget that shows expected income and expenses for a certain period, usually the first year. The key parts of the budget are:
- Income Projections: This shows how much the business expects to earn from selling its products or services. It may break down earnings by source, such as different products or regions.
- Cost of Goods Sold (COGS): These are the direct costs related to producing products or delivering services, like raw materials, labor, and manufacturing expenses.
- Operating Expenses: These are the ongoing costs to run the business, such as rent, utilities, marketing, salaries, and other administrative expenses.
- Capital Expenditures: These are long-term investments in assets like equipment, machinery, or property that the business will use for many years.
- Profit and Loss Statement: This summarizes expected profits and losses to evaluate if the business is financially viable.
- Cash Flow Forecast: This shows when the business expects to have cash coming in or going out, helping to manage liquidity.