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Chapter 3: read book!
https://ereader.chegg.com/#/books/9780133935936.
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- Competitive Advantage- Entrepreneurship Portfolio-Critical Thinking Exercise 3-1 through 3-6. Complete items 1 through 6, which require you to create charts similar to the exhibits 3-4 and 3-6 in the text book for this assignment.
- Key Concept Questions:
- 3-7: Gross profit is the profit of a business before which other costs are subtracted?
- What is the average unit of sale for the following businesses?
- 3-8: A restaurant that serves $2100 in meals to 115 customers per day.
- 3-9: A record store that sells $1500 worth of CDs to 75 customers per day.
- Biz Builder Business Plan:
Complete business plan section 2.0, Mission, Vision and Culture: A, B C & D sections- for your specific business. Be sure to write as a narrative than just simply answering the questions. Remember your audience.
Chapter 4: read book!
Note: Items #1 and 3 will be a part of your business plan!
- A) Naming Your Business:
- B) Summarize your findings, as well as providing your business name in a short report. Be sure to include the required BLANK forms and costs that are associated with registering your business name. These also belong in your Business Plan Appendix.You do NOT have to complete the forms before submitting.
2.Complete Critical Thinking Exercises:
4-1 Customer Analysis and 4-2 Market Analysis in the Entrepreneurship Portfolio section of your text. Be sure to complete the chart and the three bullet point questions shown.
- CREATE YOUR OWN customer survey specifically for your business. This should be a professional looking form, not just a list of questions on a Word document. Be careful as to what questions and the format that you ask your questions, as this will determine whether your responses are valid and/or useful to you as a business owner. Be sure to avoid using ALL ‘yes’ and ‘no’ response questions so that you can glean the most information possible from your customers. and be sure to include a COMMENTS section in your survey for customer feedback- it appropriate for your business. Your survey will be included in your Business Plan Appendix!
NOTE: Make sure your survey is a separate form that includes your business name and contact info on the header!
Chapter 5: read book carefully !
Look: Break-even Analysis (Links to an external site.)
- Write a summary of possible strategies and ideas you will consider in your marketing mix to market the product/service you have identified as your business. Some questions you might answer include:
Product:
- Who is the product aimed at?
- What benefit will customers expect?
- How will you design, package or otherwise add perceived value to your product/service in the eyes of your customers?
- Price (discounts, sales, list price, credit terms):
- How will you price your product/service for different customers?
- How will you make money based on your costs and desired profits?
- Will you have different prices for different customers?
- How might you have to adjust your prices to take into consideration different products or services in your marketing mix?
- Place (distribution, locations, inventory, logistics and transportation):
- How will you distribute your product/service to customers to best advantage?
- How will you make your product available to your targeted customers?
- Will you sell directly or produce your product and like Ford or GM, use dealers to market and sell your product or service?
- Promotion (communications, public relations, personal selling and advertising):
- What kinds of communications will you use to tell potential customers about the features and benefits or your products?
- Will you use direct selling, advertising, newsletters and special sales?
- Choose your pricing strategically.
- Decide on the location that is best for your customers.
- Determine the mix of promotion to use for your business.
- Use breakeven analysis to evaluate your marketing plan….this data will be used in your Sales Forecast coming up!
- Use your text as a source from the business/market plan sample. This will be an active part of your business plan. You may incorporate tables, graphs or spreadsheet in your document.
- CALCULATE YOUR BREAK EVEN ANALYSIS for your ‘top’ selling item. If you have a variety of items, take an average selling price for your top 2-3 items and use that information for calculating.
Scenario #1: Use and submit the Breakeven Analysis Template below to calculate your break-even in dollars and units, with “0” profit.
Scenario #2. For your second calculation, add a reasonable dollar amount to the ‘profit’ cell on the template to see what your required units/dollars to make that amount in profit per year.
Be sure you show your Variable costs as UNIT costs and Fixed costs on an Annual basis. For instance, rent is 1,000/month, so, you would show $12,000 as rent in fixed costs.
BREAKEVEN TEMPLATE
Submit both scenarios of breakeven analysis.
Chapter 6: read textbook!
- Create your business’s marketing materials! such as: brochure, business cards, signs, logo etc. Remember, this is the ‘face and first impression’ of your business to your potential customers- it should look as professional as possible! Submit all files. Don’t hold back, this is the face of your business!
Some examples are (but not limited to):
- Invoice template
- Bill of Sale
- Customer Receipt
- Brochure
- Menu
- Flyer
- Signage
- T-shirt
- Business card
- Appointment card
- Magazine insert
- Retail bags
- Coupons
- Gift Certificate
- Party invitations
- Social Media: Facebook, Instagram, LinkedIn, Twitter
So, depending on what type of business you have, you may not use all of these items, but have your own as well.
