Final answer:
The Description of Products and Services section should delineate the business's target markets, research and development plans, and location. These details help understand the strategic approach of the company in positioning itself within the industry.
Step-by-step explanation:
The description of products and services section of a business plan should thoroughly address several critical questions to showcase the company's potential. This includes determining which market(s) the company intends to serve, whether it will commit to research and development (R&D) activities, and the strategic location of the company. Answering these questions provides a clear picture of the company's target audience, innovation potential, and geographical advantages or challenges.
Key Aspects to Address:
Moreover, the company must also explore production processes, labor requirements, output levels, and pricing strategy as part of its overall business model, tailoring these elements in the context of production and cost conditions as well as market structure.