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BUSINESS 121 WINTER 2012 BBA MIDTERM REVIEW GUIDE Multiple Choice questions fro

BUSINESS 121 WINTER 2012 BBA MIDTERM REVIEW GUIDE Multiple Choice questions from readings = 25 marks – base concepts Short Answer questions from lectures = 40 marks – more in-depth • Explanation and application, “what did I learn?” and “why did I learn it?” Problems = 15 marks Total: 80 marks TOPICS TO BE COVERED: Business Planning • Chapter 1(8) – Writing an Effective Business Plan o why write a business plan o model of business planning o seven deadly sins • Lecture – Art of the Start o 5 things an entrepreneur must accomplish o reasons for writing a business plan Communication • Chapter 2(4) – Planning Business Messages o 4 principles of business writing o 3x3 writing process • Lecture – Made to Stick o definition of sticky o SUCCESS model principles  why they affect stickiness  ways to achieve principles Critical Thinking • Lab Manual pg 106-156 o claims, evidence, underlying assumptions, and causal claims  what they are and how to find them  how to test/challenge and how to apply to writing o techniques of persuasion, how to build a persuasive argument Note: this material was also covered in labs and thus will be tested in the short answer section as well as in multiple choices. Marketing • Chapter 9(12) – Understanding the Customer o Marketing concept, relationship marketing, and customer relationship management o Competitive advantage o Consumer decision-making  process, influences o B2B market o Trends • Lecture – #1 Key o Production – sales – marketing orientation o Steps to defining a target market  Market segmentation – bases, process  Perceptual mapping and preference analysis – process, choosing target o Positioning – consumer, competitive o Product Classification (tested in multiple choice) • Chapter 10(13) – Creating Marketing Strategies o Product  Classification – consumer vs. B2B, related to intensity of distribution  Product life cycle – stages and strategies, changing speed of cycle (from lectures) o Pricing  Objectives, markup, strategies o Place/Distribution  Channels, intermediaries, alternative arrangements and strategic alliances  Functions of channels o Promotion  Goals, integrated marketing communications (IMC)  Factors affecting mix o Trends • Lecture – #2 Key o Total Product Concept  Branding, brand name, brand insistence model o Price – approaches, strategies o Promotion - IMC  Advertising – communication model – factors to consider, what they achieve and how to improve  Personal Selling – combined with advertising, factors to consider in budget  Sales Promotion and Publicity o Place/Distribution  Implications – demand-backward pricing, push vs. pull promotion Accounting and Finance • Chapter 11(14) – Using Financial Information and Accounting o Accounting system o Financial vs. managerial accounting o Financial statements in annual report  Sections of Balance Sheet, Income Statement, Statement of Cash Flows o Trends • Lecture – Understanding Accounting, Cash Management o GAAP, ASPE and IFRS  Key differences – format, valuation o Audit – statement – what it does and does not say o Balance Sheet vs. Income Statement  What they show, how they’re built  Order of current assets, amortization of capital assets, goodwill  Matching concept o Cash vs. Profit  How company that is profitable can go bankrupt o Managing cash (Problems and short answers)  Working capital management – working capital cycle – risk and return, speed and predictability  Liquidity ratios – current vs. acid test, receivables ratios and inventory turnover  Cash budget – process and construction Business Planning Why write a business plan? • Difficult to arrive somewhere unless you know where you are going • Detailed road map for converting your ideas and vision into a real functioning business • Explain what the new venture is trying to accomplish and how it will go about attaining these goals • Clear understanding on the best way of proceeding • Successful entrepreneurs try to cover this Components of business plan: What is the basic idea, why is this new product useful, how will the idea for the new venture be realized, who are the entrepreneurs, how much funding • Plan needs to be arranged and prepared in proper order, should be short and succinct as possible, should be persuasive • After exec summary, talk about the following things o Background & purpose – describe your idea o Marketing – market for product/service o Competition – information on existing competition and how it will be overcome, pricing and related issues o Development, production and location – where you product or service is right now in terms of development o Management- describe experience, skills and knowledge of new venture o Financial – company’s current financial state and offers projections for future needs o Risk factor- risks new venture will face and the steps management team is taking to protect against o Harvest/exit – how investors will gain if company is successful o Scheduling and milestone – each phase of new venture will be completed should be included o Appendices Seven deadly sins for NV business plan 1. Plan is poorly prepared and has unprofessional look 2. Plan is too slick 3. Executive summary is too long and rambling 4. Not clear where the product is in terms of development 5. No clear answer provided to the question 6. No clear statement of qualifications of management team 7. Financial projection are largely an exercise of wishful thinking Art of the Start: 1.Make Meaning 2. Make Mantra 3.Get Going 4. Define a business model 5. Weave a MAT (Milestones, Assumptions, tasks) Business model made easy –don deblak GEL Factors • G- great customers • E-easy sales • L- long life  Write for the right reasons  Due-diligence stage of courting an investor  Forces the founding team to work together  Makes the team consider issues it glossed over in the euphoria  Uncovers holes in the founding team  The process is more important than the destination  Write deliberate, act emergent  Pitch then Plan 10/20/30 rule - Title, Problem, Solution, Business Model, Underlying Magic, Marketing and Sales, Competition, Management team, Financial projections and key metrics, Current status, accomplishments to date, timeline and use of funds Try it out on people – do it 10x, Fix the pitch , Write the plan Key components The Grab-Lead with the most compelling statement of why you have a really big idea, Direct and specific, not abstract and conceptual The Problem - The Solution What specifically you are offering to whom to solve the problem you’ve identified? The Opportunity -Basic market segmentation, size, growth and dynamics Your Competitive Advantage Articulate your unique benefits The Model How specifically are you going to generate revenues? What are the critical metrics on which you will be evaluated and what levels will you reach in the next 3-5 years? The Team Why is your team uniquely qualified to win? The Promise $ what you are going to make for the investors The Ask the amount of funding you are asking for now Prepare relatively simple business plan, this can be used to obtain initial funding if needed Actually start the business Refine the business plan on the basis of experience gained from running the business and use to revised plan to run the business and secure additional funding as necessary  THE OBJECTIVE IS TO FINE-TUNE YOUR BUSINESS SO THAT IT DELIVERS ALL THE GEL FACTORS AND YOU’LL BE ABLE TO WRITE A GREAT BUSINESS PLAN Continue to grow the business – produce and market the product, hire employees, as needed etc. What is a Business Model? “A business model describes the rationale of how an organization creates, delivers, and captures value” Alexander Osterwalder – “Business Model Generation” How a company intends to make money how your idea actually becomes a business that makes money Different companies can have similar offerings but different business models Model affects strategy/ways of operating Communications Writing should be Purposeful, Persuasive, Economical, and Audience Oriented 3x3 Writing Process What Sticks? “Sticky = understandable, memorable, and effective in changing thought or behavior” - Develop argument well • Urban legends - because it’s sticky, easy to understand. Are ideas born interesting or made interesting? • Movie popcorn - Interesting but not sensational, truthful but not mind-blowing, and important but not ‘life or death’. Or can you make them interesting and elevate communication? Six Principles of Stickiness - very hard for you to communicate your knowledge to someone who doesn't know...”they’ll get it" Simplicity Simple = core + compact • Find the “core” of the message and say it in compact way • “Commander’s intent” - what they call in the army, what is our number one goal, much like your business plan, important to know the core message, if you can't execute plan, execute the commanders intent • Matter of forced prioritization • Don’t ‘bury the lead’ • Communicate the core - very compactly • Use proverbs Simple but profound... "golden rule" • Use existing schema - use existing knowledge • Use analogies • Use uploads/Industriel/ bu121-study-guide.pdf