service Environment will certainly influence the type of service that customers expect if the – reorganization of creates a high end store, then customer will expect high Book N’ More end service Students may identify the type of atmosphere that their target market will require i.e. food service will require fast service in an area set to house those who may read, work, and drink a fancy coffee customer at a kiosk may need a quick response from the floor staff to ensure that they are okay navigating the store on their own a larger store will require floor staff to be – readily available Explain factors affecting a profit business’s 8 Explain factors affecting pricing decisions Pricing depends on the objectives of price as it relates to the businesses profitability. The image of the business, supply and demand, the stage of the product life cycle, and the expense related to the product are all considerations. Four factors: costs/expenses; supply and demand; consumer perception; competition Pricing is a competitive tool indicates quality to the consumer; is a function of supply and – demand; position of the company in the market place; laws in place, break even point; economies of scale Participant should mention some of the above and how they affect the ability of the restaurant to offer specials on an on-going basis. They want to increase demand by increasing the number of patrons ordering before 5:00 pm, but cannot exceed capacity The participant should recognize some or all of the following factors: profit variable and fixed costs of the goods and/or services competition business law and ethics Explain factors affecting the extension of credit 2 Explain how organizations adapt to markets today’s Participants should discuss ways that organizations adapt to markets. A business is today’s constantly engaged in the process of renewal when they choose to use this data. Suggested responses may include: Using tools like SWOT analysis and environmental scans to identify ways the business can improve A SWOT analysis assesses a strengths and weaknesses and the opportunities company’s and threats that surround it An environmental scan is an analysis of outside information that may have an impact on an organization Utilize market research and analysis of consumer, competition and marketplace Determine the of marketing as related to their organization and product: 4P’s Product, price, place (distribution) and promotion Determine the of their market strategy analysis 3C’s Company, competition and customer In this case, market research of their store location and consumers would be needed, utilizing the and of marketing / focus on place, 4P’s 3C’s
service Environment will certainly influence the type of service that customers expect – if the reorganization of Book N’ More creates a high end store, then customer will expect high end service Students may identify the type of atmosphere that their target market will require i.e. food service will require fast service in an area set to house those who may read, work, and drink a fancy coffee customer at a kiosk may need a quick response from the floor staff to ensure that they are okay navigating the store on their own – a larger store will require floor staff to be readily available Explain factors affecting a business’s profit 8 Explain factors affecting pricing decisions Pricing depends on the objectives of price as it relates to the businesses profitability. The image of the business, supply and demand, the stage of the product life cycle, and the expense related to the product are all considerations. Four factors: costs/expenses; supply and demand; consumer perception; competition Pricing is a competitive tool – indicates quality to the consumer; is a function of supply and demand; position of the company in the market place; laws in place, break even point; economies of scale Participant should mention some of the above and how they affect the ability of the restaurant to offer specials on an on-going basis. They want to increase demand by increasing the number of patrons ordering before 5:00 pm, but cannot exceed capacity The participant should recognize some or all of the following factors: profit variable and fixed costs of the goods and/or services competition business law and ethics Explain factors affecting the extension of credit 2 Explain how organizations adapt to today’s markets Participants should discuss ways that organizations adapt to today’s markets. A business is constantly engaged in the process of renewal when they choose to use this data. Suggested responses may include: Using tools like SWOT analysis and environmental scans to identify ways the business can improve A SWOT analysis assesses a company’s strengths and weaknesses and the opportunities and threats that surround it An environmental scan is an analysis of outside information that may have an impact on an organization Utilize market research and analysis of consumer, competition and marketplace Determine the 4P’s of marketing as related to their organization and product: Product, price, place (distribution) and promotion Determine the 3C’s of their market strategy analysis Company, competition and customer In this case, market research of their store location and consumers would be needed, utilizing the 4P’s and 3C’s of marketing / focus on place,
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