Page 88 - AI_Ver_3.0_class_11
P. 88
Conducting a Competitive Survey
Business owners need to survey all possible businesses to find out what is available in the market and what their
competitors are doing. In customer surveys, you go directly to your customers and talk to them, but in competitive
surveys, entrepreneurs need to observe these questions and ask others. This is a sample survey that you can use for
competitive research.
Questions Observations (To be filled by students)
Customer outlook of business
1. High-end
2. Low-cost
Competitor Price for Product
Is any offer being given?
Competitor’s interaction with the customer
Customer’s feelings while buying the Product
Business Planning & Improving Business Growth
Planning is fundamental to business growth. It helps to create a vision for a well established business. A successful
business requires strategy to please its customers and excel despite cut throat competition. Let us now learn what
exactly is business plan and why it is necessary.
Planning the
business
Growing Business
Business Plan
A business plan is a detailed plan of what entrepreneurs want to achieve in a company and how to achieve it. When
planning a business, an entrepreneur has to think about several factors. This includes answering the following questions:
• Who is the customer, and which need is being met?
• What product or service do we sell?
• What are the various business activities involved?
• Which material(s) is/are required to build the product?
• What is the number of customers being targeted?
• What is the role of each team member involved in the business?
86 Touchpad Artificial Intelligence (Ver. 3.0)-XI

