COMPONENT 3 | REVISION BTEC Enterprise HOOK – WHAT

Transcript:COMPONENT 3 | REVISION BTEC Enterprise HOOK – WHAT:
COMPONENT 3 | REVISION BTEC Enterprise HOOK – WHAT AM I? Read the description and state what it explains: I am a form of promotion which gives a customer an incentive to buy a product (BOGOF) I am a market where an enterprise will sell goods/services to other enterprises. I am net cash flow + opening balance I am the line which is diagonal starting from the fixed costs line on a break even chart I am an external source of finance given by a bank which will be paid back with interest I am a gross profit divided by sales x100 I am a liquidity ratio that removes inventory from current assets 1. PROMOTIONAL MIX There are 5 key elements of the promotional mix What are they? Can you briefly explain what they are? What are the advantages and disadvantages of each? What factors will impact the choice of promotion used? Complete the table in your student handbook EXAM STYLE QUESTION – FEB 2019 MARKET SEGMENTATION As a group, create a spider diagram of the key terms that come to mind when you think of market segmentation SEGMENTATION KNOWLEDGE CHECK What is meant by the term market segmentation? Identify and explain one benefit of segmentation. What sort of products might be segmented based on age? What is meant by psychographic segmentation? Why would a business want to choose a target market? EXAM STYLE QUESTION KEY FINANCIAL DOCUMENTS Buyers Sellers Can we buy… Can you pay please? Record of payment Here’s your money back Account summary KEY FINANCIAL DOCUMENTS Buyers Sellers Purchase Order Statement of Account Credit Note Receipt Invoice Can we buy… Can you pay please? Record of payment Here’s your money back Account summary FINANCIAL DOCUMENTS | PAYMENT METHODS KNOWLEDGE CHECK What is a purchase order used for? What is an invoice used for? Why is it important for the seller to send the buyer a statement of account document? State and explain 2 types of payment methods What is meant by the term surcharge? EXAM STYLE QUESTION – MAY 2019 FINANCIAL TERMINOLOGY Revenue Profit Variable Costs Fixed Costs Capital Net Profit Gross Profit What is meant by each of the terms below? Complete the key term section in your student handbook FINANCIAL TERMINOLOGY Write the formula for the following: Revenue Total variable costs Total costs Profit Distinguish between fixed and variable costs (use an example to support)