Business Plan Implementation 1 (Product Planning and Market Analysis)
Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is as important, or even more important, than your strategy. The video The Secret to Strategic Implementation is a great way to learn how to take your implementation to the next level.
| TRUE | As a communication tool, it is used to attract investment capital, secure loans, convince workers to hire on, and assist in attracting strategic business partners. | |
| TRUE | A business plan serves as the blueprint for how you will operate your business. While you need to have a business plan to seek investors or get a loan for your company, the plan is actually for your benefit. It provides a step-by-step guide as you start a new business or grow your current company. It provides direction for every decision you make going forward. | |
| FALSE | A business plan is an ineffective means of defining your goals and the steps needed to reach them. It does not spells out your purpose, vision and means of operation. | |
| FALSE | BUSINESS PLAN OBJECTIVES Identify weaknesses, threats, strengths and opportunities of the business | |
| FALSE | Market Research should serve as a business card for introducing the business to others: banks, investors, institutions, public bodies or any other agent involved, when it comes time to seek cooperation or financial support of any kind. | |
| TRUE | A well-developed business plan also documents actions the company will follow in case the projections turn out to be too optimistic. Scenarios should be developed to identify potential obstacles, including possible changes in the market, so that the company will be prepared to make operational decisions that remain in line with the overall business strategy. | |
| TRUE | et people interact with your product or service and see what their take is on it. A fresh set of eyes can help point out a problem you might have missed. | |
| FALSE | Environtmental analysis will identify what are the strengths and weakness of your competitors? How will you beat them? | |
| TRUE | When you listen to your clients/customers, you find out what they want and need, and how to make that happen,” says investor and entrepreneur John Rampton. | |
| TRUE | The plan should include things like what the business plan to offer to the market, how to plan to deliver it, what the costs are, how much to charge, what you plan to make in profit on each sale and what your fixed costs such as rent and utilities are going to be. | |
| TRUE | Market research in the business plan should include projections based on consumer needs and your ability to fulfill those needs. | |
| TRUE | . Part of Strategic Plan is checking the marketing policy structure and what the personnel management policies are. | |
| TRUE | When the plan is clearly spelled out in writing, it helps business see the big picture and identify potential problems before they make blunders. | |
| TRUE | The company and management section is an overview of who you are. It should describe the organization of your business, and the key members of the management team, but it should also ground the reader with the nuts and bolts: when your company was founded, who is/are the owner(s), what state your company is registered in and where you do business, and when/if your company was incorporated. | |
| TRUE | Financial plan may include your balance sheet, your sales forecast, business ratios, and a break-even analysis | |
| TRUE | It is always a good idea to think in terms of customer needs and customer benefits as you define your product offerings, rather than thinking of your side of the equation (how much the product or service costs, and how you deliver it to the customer). | |
| TRUE | To make the best impression on banks and investors, your business plan should be presented in the standard business plan format and contain the necessary business plan elements. | |
| TRUE | No matter how good your business idea, there is no guarantee it will succeed. | |
| FALSE | When you run your own company, you cannot create a schedule and work environment that's right for you. | |
| TRUE | Your business reflects who you are and what you care about. | |
| TRUE | When you work for someone else, your income is limited to what your employer is willing and able to pay. When you own your own business, you have the potential for virtually unlimited earnings if you have a good idea and excellent business sense. | |
| FALSE | You can be laid off from your own company. | |
| TRUE | Owning a business almost always requires you to take personal financial risks. You will most likely finance your venture at least in part using your own resources, even if this is just a matter of pledging collateral for a bank loan. | |
| TRUE | As your own boss, you get to make your own decisions | |
| FALSE | When you work for someone else, your potential for compensation is unlimited . | |
| TRUE | Few businesses make enough to support their founders right off the bat. It is far more likely that there will be a period when you will work without making any money even if you do everything right. | |
| TRUE | Those which are or whose nature of business is illegal, offensive, scandalous, or contrary to propriety is unacceptable in choosing a business name. | |
| TRUE | The only requirement needed to register to DOLE is the Registry of establishments under Occupational Health and Safety Standards No. 1020. | |
| TRUE | As per Republic Act 7742 which was fully implemented on 01 January 1995, membership to the Pag-IBIG Fund shall be mandatory for all employees covered by the Social Security System (SSS) and/or the Government Service Insurance System (GSIS) and earning at least P4,000 a month. This mandatory coverage extends to expatriates whose age is up to 60 years old and who are compulsorily covered by the SSS. | |
| FALSE | Location map of project area is needed as a requirement in BIR registration. | |
| TRUE | Is Articles of Incorporation needed to be presented prior registration of Stock (S) and Non Stock (NS) Corporations? | |
| TRUE | Your business name is the identity of your venture. It’s what your clients and customers will know you as, so choose this carefully. | |
| TRUE | Any project in the Philippines that poses a potential environmental risk or a significant impact to the environment (such as mining, agriculture projects, or construction) is required to secure Environmental Compliance Certificate (ECC) from the Department of Environment and Natural Resources (DENR). | |
| TRUE | Every company wants a name that stands out from the crowd, a catchy handle that will remain fresh and memorable over time. | |
| TRUE | Pag ibig membership for employees who are earning less than P4,000 a month, including those who belong to other working groups, shall be on a voluntary basis. | |
| TRUE | Letters, numerals, and punctuation marks that are part of the English and Filipino language has to be considered in choosing a business name. | |
| Application for Tax Identification Numbers for Employers | What is the number 1 requirement for registering a business with THE BUREAU OF INTERNAL REVENUE (BIR)? | |
| 5 | How many years is the validity of DTI Registration? | |
| lifetime | What is the validity of DOLE Registration? | |
| Cooperative Development Authority | Where do Cooperative need to register their business? | |
| Primary Cooperatives | A kind of cooperative that has ap | |
| 200 | How much is Registration fee of the business name and documentary stamp located in Barangay ? | |
| Securities and Exchange Commission | Where do Partnership / Corporation need to register their business? | |
| bnrs.dti.gov.ph | What is DTI’s Enhanced Business Name Registration System website? | |
| 1 | How many years is the validity of Mayor’s Permit ? | |
| 5O | How many years is the validity of SEC Registration? | |
| Social Security Act of 1997 | is the law that mandates employers to register their business and their employees with the Social Security System (SSS). | |
| Philippine Cooperative Code of 2008 (R.A. 9520) | the law governing the registration, regulation and promotion of cooperatives in the Philippines. | |
| Intellectual Property Code of the Philippines | is the law that governs the registration of patents, trademarks and copyright, and the enforcement of intellectual property rights in the Philippines. | |
| Labor Code of the Philippines | This is the law that governs employment practices and labor relations in the Philippines. | |
| The Anti-Red Tape Act of 2007 (RA 9485) | an act enacted to improve efficiency in the delivery of government services to the public by reducing bureaucratic red tape, preventing graft and corruption in all the offices of the government | |
| Tax Reform Act of 1997 | which amended the National Internal Revenue Code (NIRC) is the law that governs the national taxation in the Philippines and gives the Bureau of Internal Revenue (BIR) the power and duty to assess and collect national internal revenue taxes in the country. | |
| National Health Insurance Act of 1995 | is the act that mandates employers to register their business and their employees with the Philippine Health Insurance Corporation or PhilHealth. | |
| The Local Government Code of the Philippines | This is the law governing local taxation in the Philippines, including the taxation on real properties. | |
| Home Development Mutual Fund Law of 2009 | is the act that mandates employers to register their business and their employees with the Pag-Ibig Fund (HDMF). |