BSBMGT617: Develop and Implement a Business Plan - Assessment Task 1

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Page 9 of 33
BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
Assessment Cover Sheet – Assessment Task 1
Students:
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Date of submission:
Unit:
 BSBMGT617 Develop and implement a business plan
Assessment Task:
Written questions
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 I understand that if I am found to be in breach of policy, disciplinary action may be taken against me
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Student name:
Please Note: The above must be completed in full before your assessment work is assessed

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BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
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BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
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Page 12 of 33
BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
Assessment Task 1: Written questions
QUESTION 1
Identify and describe five common components of a business plan.
Solution:
Table 1: Business plan components and their description
S. No. Business Plan
Components
Description
1. Market Analysis Analysing market is one of the most common components of
the business plan. Through this one can know the outs and
ins of the business and specifics market in which one is
planning to enter.
2. Description of
Organization and
Management
After following the analysing of the market our business plan
will go to framework the way that our company will be set up.
3. Competitive Analysis With the help of the good business plan, it will help us to
make a clear comparison between the indirect and direct
business competitors.
4. Sales Strategy Sells strategy is the components of the business plan which
is helpful in building the plan or strategy that how the product
will be sell in the market.
5. Marketing Plan Using marketing plan helps the business model to present in
front of the potential clients (SmartAsset, 2018).
QUESTION 2
Discuss the purpose of the business planning process.
Solution:
The purpose of the business plan process is to provide the blueprint for how we will manage
our business. A business plan provides the step by step guidance for staring a new business
or for growing the current business.
QUESTION 3
Discuss three areas that a business planning process may address.
Solution:
The business planning process is useful in answering the two types of question one is to
where the business is now and in future where we want to take our business. The business
process planning can be used in many different areas like firstly it is helpful in Industry area

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BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
for reviewing the industry and competitive, secondly in marketing sector used for devising
the marketing strategies and thirdly it is also useful in the Financial areas like the banking
sector for financial forecast.
QUESTION 4
Discuss key steps in developing a business plan.
Solution:
1. Market Analysis
2. Services or product
3. Organizational Structure
4. Financial Projection (Maddox, 2018)
QUESTION 5
Outline key stakeholders who may be involved in business planning.
Solution:
1. Project Manager
2. Sponsors
3. Project Team
4. Customer
5. Functional Management (Bright, 2010)
QUESTION 6
Discuss the purpose of a business vision.
Solution:
The main purpose of the business plan is to assist in the development of the strategy.
Business vision helps in providing inspiration to the employees.
QUESTION 7
Discuss the purpose of a SWOT analysis in a business planning process.
Solution:
The main purpose of the SWOT analysis is to find the strength, threats, weakness and
opportunities of the business planning process (Laidre, 2019).

Page 14 of 33
BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
QUESTION 8
Discuss why it is important for a business to use a range of performance measures.
Solution:
Measurement of the business processes is essential as it provides the rational basis for the
selection of what a business process enhancement to make at first. It is also essential for
measurement of the work qualitatively for providing useful data about the process, product
and the services that are developed in the business.
QUESTION 9
Outline three performance measures that could be used to measure customer satisfaction.
Solution:
1. CSAT (Customer satisfaction Score)
2. NPS (Net Promoter Score)
3. CES (Customer effort scores)
QUESTION 10
Discuss the balanced scorecard approach in relation to performance measurement.
Solution:
The balanced scorecard is the scorecard which is the performance matrix used in the
strategic management for improving and identifying the different internal function of the
business and also their resulting externals result.
QUESTION 11
Explain the SMART criteria for objectives.
Solution:
The SMART criteria are the criteria used for an objective which is nothing but the statement
which describes what an individual, organization or the team is expecting to achieve. The
objective is SMART if and only if they are specific, achievable, measurable, timely and
realistic.

Page 15 of 33
BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
QUESTION 12
What is the purpose and benefit of using key performance indicators in the business
planning process?
Solution:
The main purpose of using the KPI (key performance indicator) is to demonstrate how
efficiently any company is accomplishing the key business objective. The benefit of the KPI
(key performance indicator) is that any industry or company can compare the performance in
terms of the consultation their operational and strategic goals.

Page 16 of 33
BSBMGT617 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
References
Bright Hub PM. (2010). Explaining the Different Types of Stakeholders. [online] Available at:
https://www.brighthubpm.com/project-planning/93262-stakeholders-in-project-management/
[Accessed 14 Mar. 2019].
Laidre, A. (2019). What is SWOT Analysis for Strategic Plan. [online] Iplanner.net. Available
at: https://www.iplanner.net/business-financial/online/how-to-articles.aspx?article_id=swot-
analysis [Accessed 14 Mar. 2019].
Maddox, C. and Maddox, C. (2018). 5 Steps to Developing a Solid Business Plan | Due.
[online] Due. Available at: https://due.com/blog/solid-business-plan/ [Accessed 14 Mar.
2019].
Smallbusiness. (2019). The Purpose of Mission and Vision Statements in Strategic Planning.
[online] Available at: https://smallbusiness.chron.com/purpose-mission-vision-statements-
strategic-planning-13161.html [Accessed 14 Mar. 2019].
SmartAsset. (2018). Top 10 Components of a Business Plan - SmartAsset. [online] Available
at: https://smartasset.com/small-business/top-components-of-a-business-plan [Accessed 13
Mar. 2019].