Business Basics Lesson 4

• Citizenship
• Upper Secondary (Key Stage 4)
• BTEC, GCSE

Introduction to business

Lesson 4

LessonUp class

Classcode - iymrr

Name for students Business Basics

https://eduspark.world/courses/details/business-basics-for-svitlo-education

Conversion rate

Apples sales per square foot (the general retail measuring stick) is nearly twice as high as the next retailer. 

Discounts

Apple never discounts through its direct channel. It does discount refurbished products and, of course, there are price changes, but there’s no “sale” pricing

What did you learn about Apple's business?

Homework

What was Kodak doing during the 'Evolution' period?

Entrepreneur

Kodak's story illustrates that when you are an entrepreneur you need to be thinking in an entrepreneurial way all the time, not just at the beginning!

What do you think are the reasons as to why Nintendo succeeded and Kodak failed?

Entrepreneur

Nintendo's story illustrates that when you are an entrepreneur you need to be thinking in an entrepreneurial way all the time, not just at the beginning!

What did Nintendo doing during the 'Evolution' period?

Business Case Study: Billy’s, Cocktail and Wine Bar

Costs: £15,000 a month

Current Income: £10,000 a month

Trade Days:

Monday Closed

Tuesday: 5%

Wednesday: 5%

Thursday: 15%

Friday: 25% live music, tribute band

Saturday: 30% live music local artists

Sunday: 20% live music, theme

USP & Value proposition: Cocktails are fantastic. Food is good quality and affordable. Owners and staff are friendly. Wine is quality too.

They need to find ways of increasing their revenues to first break even and secondly, make a profit. 

Most of their trade is evening trade but they are open from 11am and paying staff from 10am.

Customer base is mainly 30+ in age,

Challenges: Weak days not covering costs, best days not busy enough to cover the shortfall. We need twice as many customers to turn £10k sales into £20k and a profit or we need to add more income channels.

What could they do to attract more customers? Are there different customers they can target? What sort of analysis would you do to understand the current business situation before you act?

What advice would give the cocktail bar about marketing?

Homework

Homework

Watch the story of Nokia and using the Business Basics Technique identify where they went wrong and what they should have done to flourish.

The tale of Nokia

Feedback
What is going well? What should stay the same? What should change?