4.04 Understand the Marketplace Experience Key to understanding

4.04 Understand the Marketplace Experience Key to understanding

4.04 Understand the Marketplace Experience Key to understanding the marketplace experience, is identifying risk and knowing how to manage and minimize your exposure to risk. Bellinger: Quiz Code: TE7SY3XU : Reflections: Milemarker 6/Key terms (place in your notebook) Teacher Input: Taking Risk ppt Students Input: Taking Risk notes

Group: Food Truck Project Milemarker 6 Bellringer Questions to reflect on: How are you going to test your business idea? What do you have to do to prepare to get the idea out in the marketplace? What problems did you encounter in testing your idea?

Are there things you would do differently if you had to do it again? Key Terms 1. Advertising-A non promotional message paid for by an identified sponsor utilizing media such as television, radio magazines billboards and direct mail.

Financial plan-provides projected financial statements Loss-More money going out than coming in Net Profit-amount of money that remains when expenses are paid

Opportunity cost-When resources are limited, the option that is given when a consumer chooses one product or service over another continued Personal Selling-a form of promotion that uses planned personalized communication in order to influence customer buying decisions and ensure satisfaction

Promotion- Any form of communication a business or organization uses to inform, persuade or remind consumers about its product/service Public Relations-Any activity designed to create a favorable image towards a business its products or its policies o Visual Merchandising/display-cordination of the physical elements of a business or a product to project the desired image to the consumer

continued Vender supplier of goods or services to a business *Risk: The possibility of a financial loss. Risk Management: The process of

managing a businesss exposure to risk in order to achieve business objectives. Business risk: The possibility of business failure or loss. Think About It

The possibility of financial loss is: a.Risk b.Marketing c.Entrepreneurship d.Collateral Speculative risk: Risking loss to make a profit. Possibilities of loss, no change,

or gain (Examples: buying new machinery, constructing new buildings) Pure risk: The possibility of loss to a business without any possibility of gain. Economic risks Natural risks

Human risks *Economic risks: Risks that result from changes in overall business conditions. Product Competition Changing consumer lifestyles

obsolescence *Natural risks: Risks resulting from natural causes. Floods Unexpected changes Earthquakes Tornadoes

Hurricanes Fires Lightening Droughts in normal weather Human risks: Risks caused by human errors as well as the unpredictability of customers,

employees, or the work environment. Shoplifting Stolen credit cards and Employee theft Burglary Robbery Computer crime

bad Think About It? A seafood restaurant on the Outer Banks suffered damage during a hurricane and had to close for 3 months to make repairs. What type of risk does this demonstrate? a.Human Risk b.Economic Risk c.Natural Risk

d.Risk Transfer Methods of Risk Management Methods of dealing with business risk Risk reduction Risk transfer Risk retention

Emergency planning Think Pair Share

Reflect back on the progress of your product or service? At this stage in the operation, what needs to be reevaluated or changed? By getting involved in producing products or services cause you to see entrepreneurship differently explain your answer. How successful or regretful are you in choosing the product or service. Throughout this progress what has your personal experience or knowledge have you gained from the Road of Entrepreneurship?

Risk reduction Design work areas to reduce the chance of accident or fire. Educate employees on safe use of equipment. Check and service safety equipment on a regular basis. Risk transfer*

Property insurance: Covers Real property: Buildings, and fixtures. the loss of physical land, property Personal property: Vehicles, clothing, (cash, inventory, vehicles, buildings

). furniture, jewelry. Business interruption insurance: Makes up 4.04 Understand the Marketplace Experience Key to understanding the marketplace experience, is identifying risk and knowing how to manage and minimize your exposure to risk.

Bellringer: On the Job, Key Termsp.57/Overtime Pay Try it p.60/knowledge Check p.63 1-3 What methods do Entrepreneurs use to control Risk? (group) Teacher Input: Finish Risk ppt Student Input: Notes Group: Food Truck Project/Business Plan, Truck Design/Menu Group Activity Bell ringer

What Methods do Entrepreneurs Use to Control Risk Read as a Group & Complete the Case Study at the bottom of handout. *Risk transfer Casualty insurance: Protects a Errors-and-omissions insurance: Protects businesses from lawsuits resulting from

business mistakes in advertising. from lawsuits. Product liability insurance: Protects manufacturers from claims for injuries that result from using their products. Ex. McDonalds Hot Coffee

Incident) Fidelity bonds: Protect companies from Risk transfer Life insurance: Pays a business in the event of the insured persons death.

Risk transfer Workers Compensation: A government-regulated program that provides medical benefits Think About It Trey was able to use his property insurance to replace his catering

company's delivery truck that was stolen. What does this demonstrate? a. Risk Transfer b. Risk Control c. Risk Retention d. Risk Avoidance Risk retention Self-insurance against business

loss The business must set Emergency planning Businesses must have procedures in place before a crisis occurs. Businesses must create 4.04 Understand the Marketplace

Experience Key to understanding the marketplace experience, is identifying risk and knowing how to manage and minimize your exposure to risk. Bellinger: http://foodtruckempire.com/podcast/loss-checkli st / (Loss prevention Checklist Podcast) (17 mins) Take notes from podcast, include a definition of Loss prevention? Include how often a Loss

prevention checklist should be re-evaluated? (Turn In) Group: 4.04 Pracitce Quiz (use quizlet, powerpoints/notes) What is Promotion in marketing mix? Promotion is one of the four main components of this mix, and it is essential to complete the sales process

Communication The promotion component of the marketing mix is all about communication with the customer. If a business cannot effectively communicate its message to the public, it will not close sales Advertising (Sprint) https://www.youtube.com/watch?v=s34u-c4yk zY

Target https://www.youtube.com/watch?v=VFBsxwKH T14&index=14&list=PL2803FADDD7F2FC2A Advertising Kia https://www.youtube.com/watch?v=ZYWHsOe Df3Moul https://www.youtube.com/watch?v=3JlAYOK9k sQ

Advertising One of the most essential components of promotion is advertising. Most businesses use some type of advertising to bring in new customers. This is a direct form of communication in which a business has to pay for the right to gain access to consumers. Advertising can take place in a number of different ways such as radio ads, TV ads, newspaper ads and online advertisement.

Public Relations Public relations is another essential part of the promotion mix. Public relations deals with the overall general perception of the company. This can come through using news releases, news stories and other strategies to shape the perception of the company. Maintaining a good reputation in the public eye is important for most businesses, and this area of promotion deals with handling publicity. This could be done with the help of a public relations firm or handled

internally.

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