1.4 Develop a business plan for your new product or service in which you include the
following aspects:
1.4.1
Name any THREE aspects that must be included in the cover page and explain
the executive summary of your business plan.
(
1.4.2
Describe your business/Overview
1.4.3
State any FIVE types of legal requirements that will be required for your
business
5
1.4.5
Explain how you would use the any FIVE types of the marketing mix for your
business
(5
1.4.6
Suggest any FIVE strategies to overcome competition in the market.
(5
1.5
Suppose you must do a presentation on your business plan. Answer the following
questions about your presentation:

Which critical success factor improves with reduced cycle time, better quality standards, and improved efficiency when an is is implemented?

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Three pounds of material a are required for each unit produced. the company has a policy of maintaining a stock of material a on hand at the end of each quarter equal to 30% of the next quarter's production needs for material a. a total of 35,000 pounds of material a are on hand to start the year. budgeted purchases of material a for the second quarter would be: