Ramirez, Eugene EJ C.

BSMA 2A

CHAPTER 8

1. Explain the purposes of a business plan.

- A business plan will act as a roadmap for the business to form a detailed plan
that will help the owner to manage its business effectively and also this will give
you something strong which the owner can monitor or evaluate the progress the
business makes. Business plan will also help the business to establish milestones,
business plan should put down a clear lay out of its long-term milestones that are
most significant for a business to success. Business plan will also help the business
to understand the competition much better, creating a business plan will force
the owner to analyze the competition.

2. Describe the importance of social responsibility.

- Social responsibility is important because this is mostly the basis of the people
on how they see the image of a company and its brand, social responsibility
improves the public trust, it makes an organization captivating for upcoming
employees. Social responsibility can also make a corporation to stand out in a
competition, when a company display an obligation for the welfare of others, like
doing charitable acts and good works for the society, the company will be more
marketable more than those companies whose social responsibility activities are
missing.
3. What are the different types of business plans?
- Start up this will display details on how to start a new business with a start-up
business plan which includes the details of the company, the product or the
services that the company offers to the market.

Internal business plans aim the people within the business, writing an internal
business plan will evaluate a proposed project and it also includes the
descriptions of the current state of a company, this type of plan will also provide
information about marketing projects.

Strategic business plan shows a detailed roadmap of a company’s goals and how
will the company achieve it, this plan includes five elements first one is business
vision, mission statement, definition of critical success factors, strategies for
achieving objectives and an implementing schedule, this will bring the business in
upfront and will inspire employees to work together to achieve the success and
goals of a company.

Feasibility this plans attempts to know who, if anyone, will purchase the services
or product of a company wants to offer, this plan includes the description of the
product or service need, what are the target demographics of a company and
how much is the required capital.

Growth plan are thoroughly description of proposed growths and are written for
internal and external purposes, if a company’s growth will require investment and
growth plan can include the complete description of the company, its
management and officers. This plan must provide all company details to satisfy
any potential investors.
4. Describe the nature of the responsible business enterprise.
- Responsible business enterprise in an important part of a market economy, it’s
responsibility to provide the need of customers while earning profits for the
business owners. Business ethics is an essential key of the Responsible business
enterprise in a market economy, because this will guide the business to make
right choices and actions in all its business conduct.