Question

Part of a business plan is a general company description that explains the business. General management of a business are found at various hierarchal levels and in various specialised functional areas. Conduct research on a business of your own choice and then write a report applying the following themes from your prescribed text to the business:

a. The general description of the venture (Chapter 3, section 3.3.6.1)
b. The fundamental requirements for a new venture opportunity (Chapter 2, section 2.7.3.2);
c. Examples of different levels and functional areas of management (Chapter 6, section 6.4)

Answer 1

A business plan's company description should convey the enterprise's goals and operations. New ventures require a market need, financial stability, and a competitive edge. Different levels of management are essential, from strategic top management to operational lower management.

Step-by-step explanation:

When creating a business plan, it is crucial to include a comprehensive company description that outlines the purpose and functions of the business. This section would encapsulate the venture's objectives, market scope, and the products or services it offers. It is also important to assess the fundamental requirements for a new venture, which includes market demand, financial viability, and sustainable competitive advantage.

In terms of management, businesses have various hierarchical levels and functional areas. For instance, the top management, which includes positions like CEO or president, is responsible for overall strategy and direction, while middle management, such as department heads, oversee specific operational areas like marketing, finance, or production. Lower management, including supervisors and team leaders, handles day-to-day operations and direct contact with the workforce.