The Second Essential Purpose for Creating a Business Plan Is

question 101

Multiple Choice

The second essential purpose for creating a business plan is:

• A)to guide the operation of the company by charting its future course and devising a strategy for following it.
• B)to attract lenders and investors.
• C)to file with the SEC before making a public stock offering.
• D)to attract potential managers and employees to run the new venture.

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Definitions:

Order Cycle Time

The total time from when a customer places an order until the product is delivered, encompassing processing, production, and shipping stages.

Fill Rate

The percentage of customer or production orders satisfied from stock at hand, a key performance metric in inventory management.

Customer Relationship Management

A strategy for managing a company's interactions with current and future customers, utilizing data analysis about customers' history with a company to improve business relationships.

Customer Satisfaction

A measure of how products or services meet or exceed customer expectations.