BUS 150: Final Exam Review
BUS 150: Final Exam Review BUS 150
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This 4 page Study Guide was uploaded by Melissa Cirasella on Friday September 18, 2015. The Study Guide belongs to BUS 150 at Pace University taught by Andrew Coggins in Fall 2012. Since its upload, it has received 89 views. For similar materials see Contemporary Business Practice in Business at Pace University.
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Date Created: 09/18/15
1 The BizCafe simulation gave great incites on how to run a business and was equipped with many common situations that could occur in real life businesses The simulation corresponded particularly to chapters 13 14 and 16 in our book Chapter 13 discussed all aspects of marketing My team used this information to better help us pick the best marketing strategy for our cafe We had various options to choose from in the simulation some of them including a radio spot and or a newspaper ad We embraced the marketing concept mentioned in chapter 13 we wanted to respond to our customers needs and wants while seeking profit for our cafe Additionally my team was able to create an ad to showcase what our cafe has to offer We had to create an ad that was not only aesthetically pleasing to customers but portrayed the essence of how we wanted customers to perceive our cafe In chapter 14 my team learned the effective strategies on how to price our products sold in our cafe We took other coffee shops into consideration we wanted to be aware of our competitor s prices In addition once we set our coffee prices the simulation offered promotions and discounts such as 050 cents off or a 2 for 1 deal We were able to use the breakeven analysis equation to aid us in our coffee purchases each week depending on the cost of cup sizes This formula was helpful for my team to see if our revenue covered the costs My team also had to make price changes in order to keep up with the demand of customers and the need to break CVCII Chapter 16 dealt with customer communications There were instances in the simulation where we had to deal with customers such as the irate customer The chapter discussed proper ways to handle customers as well as more advertising techniques mentioned from chapter 14 2amp3 Part 2 Chapter 6 1 Simeon and TurningRobe have demonstrated many qualities of successful entrepreneurs First they love what they do and are driven by a passion to succeed For example when sales began to increase Simeon and TurningRobe built their own manufacturing facility on the Spokane Indian Reservation as part of their commitment to help reservation economies diversify beyond gaming Secondly they relate well to others and have a talent for inspiring others in pursuit of a common goal Simeon and TurningRobes worked toward educating their customers and sharing their rich cultural heritage they published two blogs Thirdly the sisters are highly disciplined and willing to work long hours and make other significant sacrifices to achieve their goals Both of their families would pitch in for 12hour days seven days a week mixing bottling and boxing Additionally Simeon and TurningRobe employed and mentored fellow tribe members the sisters even made a point of buying goods and services from other Native American owned companies and served as entrepreneurial role models in Native American communities 2 Simeon and TurningRobe should not lower their ingredient costs by switching to petroleumbased ingredients or stopping their use of pure distilled water They emphasize purity and authenticity in their products and use only natural recipes and natural plant knowledge handed down from generation to generation The sisters choose to use the more expensive distilled water to avoid risks of contamination shunning the cheaper petroleumbased ingredients that are used in man massproduced bath and body products Since they do not use petroleum based ingredients this sets them apart from most other bath and body product companies 3 Opening their own retail stores would be a risky decision but it could beneficial for them Regardless opening a retail store will always be a risky decision Opening a retail store would enable Sister Sky to expand as a business and not have to rely on other companies to sell their products in their stores This will change their business model because with their store they can offer other products and be able to focus on the best way to make profits based on the customer s demands Part 4 Chapter 11 1 Starbucks s human resources managers need to be kept informed about any changes in the number and timing of new store openings planned for the coming year The human resource managers are responsible for designing programs to motivate customers They would need to be aware of new store openings because they have to find recruit and train new employees and managers 2 Starbucks offers benefits to its parttime labor force because they attract and keep quality employees It is more costly to constantly hire and train new employees rather than offering benefits as an incentive to the employees This way there will be employees who are more experienced and well trained since they have worked for a longer time Additionally Starbucks prides itself in valuing their employees and investing in their workforce and treating them as if they are of value 3 Starbucks s generous employeebenefits program motivates its employees because the program features exible work schedules access to employee assistance specialists and referrals for childcare and eldercare support Additionally Starbucks also encourages their employees to become more involved in their local communities and share ideas
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