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sbm assignment 2.docx - Chapter 6 1. The two types of...

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Chapter 61.The two types of business plans:Traditional business:A local retailer that provides goods or services to local clients is considered a traditional firm. Itis a structure in which clients must physically visit the business to purchase things. Traditionalbusiness methods are no longer appropriate to compete in today's world.Businesses require multiple business strategies to succeed in international competition becausethey may help them decrease costs, enhance the quality of the goods as well as operations, orcreate profit for their enterprises. In today's global economy, technology has become important increating and maintaining comparative advantages.Lean Startup business:A lean startup business plan is a brief roadmap that specifies the firm's goals as well as themethods to attain them. A lean startup plan starts by exploring an issue as well as a remedy. Itcan be as short as one page in length. Lean startup is a business as well as item growth processthat seeks to shorten advancement cycles as well as quickly determine if a suggested businessplan is sustainable; this is accomplished through a mixture of business-hypothesis-drivenexperimental work, incremental product launches, as well as verified learning.Customer input takes precedence over instinct, as well as adaptability takes precedence over theplan in a lean business. This technique allows for faster recovery from mistakes thanconventional methods of product innovation.A single-use plan is a one-time strategy that is expressly created to realize the objectives that,once accomplished, are improbable to repeat in the past. A specific scenario necessitates the

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Term
Spring
Professor
bernie castro
Tags
Marketing, Types of Business Plans

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