As Seen on the Business Plan Flowchart Figure in the Chapter

question 103

Multiple Choice

As seen on the business plan flowchart figure in the chapter, the first step in preparing a business plan is

• A) Identify the product/service
• B) Determine market feasibility
• C) Determine market size
• D) Complete competitive analysis

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Definitions:

Cross-functional

Involving or relating to several different functions or departments within an organization working together on a common project or towards a common goal.

Operations Team

A group of individuals responsible for overseeing the day-to-day operational functions of a business or organization.

Service Team

A group of individuals who work together to provide services to customers, focusing on meeting their needs and ensuring satisfaction.

Units of Y

This refers to the quantity of a variable or economic good, denoted by "Y."