Market segments
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Market segments are defined as groups of customers within a market that have similar needs and buying habits. Businesses segment their markets based on customer characteristics like age, gender, income, location, ethnicity, religion, and occupation to better target specific groups. The document provides examples of how a class could be segmented by attributes like birth month, location, ethnicity, language, and gaming console preference, as well as definitions of common socio-economic groups used for segmentation.
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- While profit and cash flow are related, a profitable business may still face short-term cash shortages due to investing profits back into the business or tying up capital in inventory, assets, or by extending credit to customers.Improving cashflow
Improving cashflowgemdeane1
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The document discusses causes of and solutions to cash flow problems for businesses. It identifies several common causes such as seasonal demand, overtrading, and poor management. It then outlines five main ways to improve cash flow - bank overdrafts, short-term loans, factoring, selling assets, and sale and leaseback of assets. Each option is explained with benefits and drawbacks. The document also provides exercises for students to identify causes of cash flow problems and suggest solutions in case studies.Budgets
Budgetsgemdeane1
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This document discusses budgets and variance analysis for managing a business. It defines a budget as a financial plan covering income and expenses. Variance analysis is the process of comparing actual budget outcomes to planned figures to identify favorable and unfavorable variances. The document provides examples of calculating variances for income, expenses, and profit budgets and interpreting the variances to understand factors that led to differences from the planned budget.Employing people
Employing peoplegemdeane1
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Businesses employ people for several reasons: entrepreneurs cannot do all tasks alone, businesses can meet increasing demand by hiring more employees, and many businesses require specialized expertise. There are different types of employees including permanent or temporary, and full-time or part-time. Temporary employees are hired for a fixed term and may leave without notice, while permanent employees have long-term contracts and rights like paid holidays. Full-time employees work over 30 hours per week while part-time employees work less than 30 hours per week. While hiring employees provides benefits, it also introduces costs and challenges for businesses related to wages, legislation compliance, effective management, and dealing with employee absence.Locating the business
Locating the businessgemdeane1
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Three key factors influence business location: technology, costs, and infrastructure. Technology has advanced rapidly with mobile devices, internet, and teleworking. Costs, including land, labor, and transportation, are important to minimize for start-ups and small businesses. Infrastructure such as transportation links, utilities, and basic services are essential for companies. Other factors businesses consider are the market, qualitative factors like quality of life, and for small businesses specifically, local demographic and economic conditions.Marketing and the market
Marketing and the marketgemdeane1
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Marketing identifies and satisfies customer needs and wants in a way that benefits both the customer and organization. A market is where buyers and sellers interact, and can be measured by size, growth, and market share. Analyzing markets involves quantitative examination of statistics and qualitative consideration of reasons behind actions. Market segmentation classifies customers into groups that respond differently to products or marketing, allowing firms to discover their target consumers and why they buy. Reasons for segmentation include increasing market share and aiding new product development.Stakeholders1
Stakeholders1gemdeane1
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The document discusses stakeholders, which are people or groups with an interest in the success of a business. Stakeholders can be internal, such as employees and managers, or external, such as customers, suppliers, the local community, and government. The document outlines various stakeholder groups and their interests in the success or failure of the business, as well as potential conflicts that can arise between stakeholders with differing objectives.Conducting start-up Market Researh
Conducting start-up Market Researhgemdeane1
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Market research involves the systematic collection and analysis of information to assist marketing decisions. It has four main purposes: descriptive, explanatory, predictive, and exploratory. There are two main types of market research: primary research which collects new data, and secondary research which uses existing data. Primary research methods include surveys, experiments, observation, and focus groups.Making investment decisions
Making investment decisionsgemdeane1
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This document discusses key concepts for making investment decisions, including investment appraisal techniques like payback period, average rate of return, and net present value. It explains how to calculate and interpret each technique, along with their advantages and disadvantages. The document also covers investment criteria, risks and uncertainties, and qualitative influences that should be considered alongside quantitative factors when evaluating investments.Selecting financial strategies
Selecting financial strategiesgemdeane1
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Here are the answers to the questions:
1. A financial strategy is a long term plan of action to achieve the financial objectives of a business.
2. Decisions about financial strategies should be taken carefully because they involve committing large amounts of money and resources over an extended period of time. Getting these decisions wrong could negatively impact the long term viability of the business. Careful consideration needs to be given to factors like potential costs and benefits, opportunity costs of alternatives, and how strategies align with the overall objectives of the business.
3. A chain of high street coffee shops like Costa Coffee might choose to operate each shop as a profit centre to help monitor and improve financial performance at an individual shop level. Operating shops as profit centresInterpreting published accounts
Interpreting published accountsgemdeane1
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Ratio analysis involves calculating and comparing financial ratios to assess a company's performance and financial position. There are five main types of ratios: liquidity, profitability, efficiency, gearing, and shareholders' ratios. Ratios provide a framework to compare a company's performance over time, between divisions, and against industry peers. However, ratios only show one part of a company's overall situation and financial statements can sometimes be manipulated, so ratio analysis must be considered alongside other information.Understanding financial objectives
Understanding financial objectivesgemdeane1
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The document discusses key financial concepts such as balance sheets, income statements, assets, liabilities, working capital, and depreciation. It explains that a balance sheet records a business's assets and liabilities on a given date, and must always balance. It also discusses how to interpret balance sheets and income statements to analyze a business's short-term and long-term financial positions. Key metrics like working capital, depreciation, and different types of profit are defined. The document aims to explain how to analyze and use financial data for decision making and performance evaluation.Understanding financial objectives
Understanding financial objectivesgemdeane1
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The document discusses how to analyze balance sheets and income statements to understand a business's financial objectives and performance, examining assets, liabilities, revenues, expenses, profits, and using financial data for comparisons over time and between businesses. It also notes some strengths and limitations of relying solely on financial statements to judge a business.Financial objectives
Financial objectivesgemdeane1
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Financial objectives are goals set by a company's finance department to achieve specific targets related to profitability, cash flow, costs, and returns within a set timeframe. Common financial objectives include return on capital employed targets, shareholder returns targets, cost minimization targets, and cash flow targets. Financial objectives are influenced internally by a company's corporate objectives and resources, and externally by factors like the market, competitors, and suppliers.Intro financial objectives
Intro financial objectivesgemdeane1
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The document discusses functional objectives and strategies as well as financial objectives and their influences. It defines key terms like profit, cash flow, and return on capital employed. It states that financial objectives are goals set by a business's finance department to achieve specific targets related to returns, costs, and cash flow. Financial objectives are influenced internally by corporate objectives and management priorities, and externally by competitors, financial markets, and economic conditions. The document provides examples of common financial objectives like return on capital employed targets and cash flow goals.Functional objectives and strategies
Functional objectives and strategiesgemdeane1
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Functional objectives are derived from corporate objectives and help guide strategies across different business functions. The document discusses how functional areas like marketing, operations, finance, and human resources set objectives aligned with corporate goals for survival and growth. Functional strategies are then developed to achieve the functional objectives and coordinate efforts across departments to meet overall corporate objectives.Developing business plans
Developing business plansgemdeane1
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A business plan is a report that outlines a company's marketing strategy, operations, and financial projections. It helps business owners clarify their objectives and determine what needs to be done to achieve them. Developing an accurate business plan is essential for obtaining funding from lenders and for effectively managing the business over time. However, business plans often underestimate costs and are overly optimistic about sales forecasts and financial projections. A successful plan includes details about the business and owners, objectives, marketing, production, financial forecasts, long-term plans, and a SWOT analysis.Ad
Market segments
- 1. Market Segments What they are How markets are segmented
- 2. What is it? Market Segments = part of a market that contains a group of buyers with similar buying habits The way a business segments its market depends on the product being sold and the customer
- 3. Segmenting the Class How many different ways can you think of to segment the class? Month of birthday Where we live Ethnicity Language spoken Games console used
- 4. How To Segment the Market Age Gender Income Area Ethnicity Religion Socio-economic group (according to job)
- 5. Socio Economic Groups 1 - Higher managerial and professional occupations 2 - Lower managerial and professional occupations 3 - Intermediate occupations 4 - Small employers and own accounts workers 5 - Lower supervisory and technical occupations 6 - Semi-routine occupations 7 - Routine occupations 8 - Never worked and long-term unemployed