Bfa312 Management Accounting And Competitor Assessment Answers
2. In the second component, you are required to make a video presentation on the basis of your written report.
Answer:
Introduction
- The selected business is a sole trader form of business that was established in 2015
- It is a service industry business involved in the sale of food and drinks
- It specializes in the combination of combination of Malaysia, Thai, Korean, Italian, and Australian cuisines
- The menu of drinks specializes in their own recipe
- The owners conduct table service to reduce customer discomfort and improve the quality of their service
- The reason why we selected this business is the opportunities it represents, its strength and the mangement style
Conclusion
- From the analysis, the price range of coffee is narrow than the range of the competitor therefore attracting customers who wants various choice of coffee size.
- The cups of coffee from the chosen business is bigger than any other competitor’s and the amount is even similar to the medium size coffee of competitor
- coffee of the chosen business has more value for the price and customers who order extra shot, syrup and milk are able to save money as the chosen business doesn’t charge for the extra order
- the chosen business offers a large amount of food so that customer can share one dish with their companion despite the higher price as compared to the competitors
- The business used target pricing approach to set price more effectively than their competitors
- This is because the target pricing gives long term view of the gross profit margin and able to cope with dynamic changes in the market
- Furthermore, the business can differentiate themselves from their competitors in the long term context.
- To achieve target pricing, the chosen business have 2 hours break to reduce wage cost and also using pre-cooked food so that they can reduce cooking time and serve more customer at the same time
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