its financial standing such as: a balance sheet and income statement. The participant should demonstrate the importance of finance in any and every business and its operations, and tie it to the fitness industry, as well as mentioning that without properly managed finances a company would not function. Explain the role requirements of entrepreneurs and owners Owners and entrepreneurs are similar but entrepreneurs are the current darlings of society. Entrepreneurs occupy a central position in a market economy. Entrepreneurs seek disequilibrium--a gap between the wants and needs of customers and the products and services that are currently available. The entrepreneur then brings together the factors of production necessary to produce, offer and sell desired products and services. They invest and risk their money--and other people's money--to produce a product or service that can be sold at a profit. They are determining their own future in terms of their work ethic, pricing, and income. 2 Explain the time value of money Future value of money is different than current value Inflation and deflation cause the value to fluctuate, so a dollar may be worth less in the future 2 Explain the types of advertising media Mail Print Advertising Newspapers, Magazines, Brochures, Fliers – Outdoor Advertising Billboards, Kiosks, Tradeshows and Events – Broadcast advertising Television, Radio and the Internet – Covert Advertising Advertising in Movies – Celebrity Advertising Explain the use of technology in accounting. Explain the use of visual merchandising in retailing. Explain types of financial markets Explain types of investments 2 Explain ways that technology impacts the financial service industry 4 Forecast future financing needs. 2 Forecast sales Identify brand promise company’s Participants should make the connection between the positive company’s slogan, “A place for positive and the mindset of the employees. Brands are names, terms, results” designs, or symbols that distinguish a product from their competitors and they communicate features, benefits, qualities and value. Effectively using the slogan will help build product recognition, customer loyalty and ensure consistent quality In this case the brand promise is delivered through their brand name (the company’s name of the company), and their slogan to build that into their entire business through employee behaviour and expectations and the importance of living up to it to customer’s maintain their image 2 Identify buying motives for use in selling. customer’s 6 Identify factors affecting a profit business’s Profit is the monetary return a business` owner receives for taking the risk of investing in
its financial standing such as: a balance sheet and income statement. The participant should demonstrate the importance of finance in any and every business and its operations, and tie it to the fitness industry, as well as mentioning that without properly managed finances a company would not function. Explain the role requirements of entrepreneurs and owners Owners and entrepreneurs are similar but entrepreneurs are the current darlings of society. Entrepreneurs occupy a central position in a market economy. Entrepreneurs seek disequilibrium--a gap between the wants and needs of customers and the products and services that are currently available. The entrepreneur then brings together the factors of production necessary to produce, offer and sell desired products and services. They invest and risk their money--and other people's money--to produce a product or service that can be sold at a profit. They are determining their own future in terms of their work ethic, pricing, and income. 2 Explain the time value of money Future value of money is different than current value Inflation and deflation cause the value to fluctuate, so a dollar may be worth less in the future 2 Explain the types of advertising media Mail Print Advertising – Newspapers, Magazines, Brochures, Fliers Outdoor Advertising – Billboards, Kiosks, Tradeshows and Events Broadcast advertising – Television, Radio and the Internet Covert Advertising – Advertising in Movies Celebrity Advertising Explain the use of technology in accounting. Explain the use of visual merchandising in retailing. Explain types of financial markets Explain types of investments 2 Explain ways that technology impacts the financial service industry 4 Forecast future financing needs. 2 Forecast sales Identify company’s brand promise Participants should make the connection between the company’s slogan, “A positive place for positive results” and the mindset of the employees. Brands are names, terms, designs, or symbols that distinguish a product from their competitors and they communicate features, benefits, qualities and value. Effectively using the slogan will help build product recognition, customer loyalty and ensure consistent quality In this case the company’s brand promise is delivered through their brand name (the name of the company), and their slogan to build that into their entire business through employee behaviour and customer’s expectations and the importance of living up to it to maintain their image 2 Identify customer’s buying motives for use in selling. 6 Identify factors affecting a business’s profit Profit is the monetary return a business` owner receives for taking the risk of investing in