· web viewmanager content develops strategic decision-making skills in all business ......

KeyPQ = Prerequisite level performance indicator content develops employability and job-survival skills and concepts, including work ethics, personal appearance, and general business behavior.CS = Career Sustaining level performance indicator content develops skills and knowledge needed for continued employment in or study of business based on the application of basic academics and

business skills.SP = Specialist level performance indicator content provides in-depth, solid understanding and skill development in all business functionsSU = Supervisor Content provides the same in-depth, solid understanding and skill development in all business functions as in the specialist curriculum, and in addition, incorporates content that addresses

the supervision of people.MN = Manager Content develops strategic decision-making skills in all business functions needed to manage a business or department within an organization. ON = Owner Content develops strategic decision-making skills in all aspects of business that are needed to own and operate a business.

SU Act as a role model to fulfill the organization's standards/values SU Adapt management style to the personality type of others ON Adapt to changes in business environment MN Adjust idea to create functional product ON Analyze critical banking relationships CS Apply ergonomic techniques to technology tasks MN Assess business risk

Business risk is the potential for business loss or failureThree kinds of business risk: economic, natural and human Economic - occur from changes in overall business conditions (competition, changing consumer lifestyles, population changes, limited usefulness or stylishness of some products, product obsolescence, government regulation, inflation or recession) Natural - result from natural causes (weather conditions-floods, fires, hurricanes, etc.) Human - caused by human mistakes and the unpredictability of employees or customers (dishonesty, carelessness, incompetence, accidents, illness, non-payment of accounts)There are many types of risks businesses face—political, financial, social, economic, legal, theft, safety, disaster, loss of key executives, etc. It is important that businesses anticipate possible risks and create plans to deal with these risks. If possible, businesses should find ways to make certain that the risks are prevented before they occur

SU Assess employee performance ON Assess global trends and opportunities for business ventures

Assess long-term value and impact of actions on others Consider the intent of your actions. Think about how your actions influence all your customers Consider the alternatives available to you Assess the needs of other customers Adjust to the needs of customers on an ongoing basis Express the intent to listen to customer requests and needs Express a desire to be open-minded and always improving Awareness takes time, patience, and development

ON Assess opportunities for venture creation PQ Assess personal interests and skills needed for success in business




An important part of attracting the right talent for a job is job analysis – a detailed study of the specific duties in a particular job and the human qualities required for that job. These specific interests and skills desired in a candidate must be communicated through the job description such that applicants can fairly assess whether or not their interests and skills

are best suited for the role. The HR representatives, through the hiring process, can then do the same assessment for each candidate who applies and qualifies for an interview based on the qualities represented in

their resumes. This allows for careful recruitment of qualified, interested, and motivated individuals who are prepared to commit to a positive work environment. As the business grows, job descriptions may change along with the skills needed to perform. Professional development opportunities (i.e. technical courses, training programs, etc.) must be provided to encourage employees to improve themselves and keep up with the evolution

of the industry.ON Assess risks associated with venture ON Assess start-up requirements ON Assess the costs/benefits associated with resources

Students should discuss and decide on a method financing.RESOURCE BENEFITS COSTSFamily & Friends Easy to find and ask

Forgiving and flexibleLower interest rate

If business fails, relationship is ruinedMeddling Not considered a serious debt

Venture Capitalist & Angel Investors

Can provide money, customers, investors, supply chain, distribution outlets, advice, experience and knowledge of the market

High interest ratesOwnership means surrendering unilateral decision-making and claim on profitsContract-driven and inflexible

Banks a breadth of companies and industries, and can provide excellent financial direction

Little knowledge of, or interest in, day-to-day operations

Crowdfunding Easy to raise money Uncertain inflow of fundsShared ownership (equity funding) with inexperienced investorsUpper dollar limits ($250K – equity)

SP Assess the impact of product packaging requirements on logistics




ON Assess the need to use external resources for concept development SP Assist with employee relocation ON Build corporate brand

Corporate brand-building is the art and science of building awareness, loyalty, preference and value for companies directly, as opposed to the product brands they manage and market. Branding the corporation rather than the products allows a company flexibility when introducing new products, expanding to new markets, using new channels of communication and/or distribution, and, it is clearer in conveying the company image and purpose to the media and financial markets. A strong corporate brand also provides employees with an identity that can drive morale and performance.

Developing and telling the brand story can help to inspire a sense of purpose, excitement and loyalty that can boost morale, support the retention of talent, attract new talent, strengthen customer relationships, and more. Ultimately, these benefits can contribute to better competitive advantage and increased productivity.

Students may suggest specific ways the company can build its corporate brand.MN Build product/service brand

The brand is the company’s promise to the customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. The brand represents who you are, who you want to be and who people perceive you to be. The brand conveys whether the company is innovative/staid, reliable/changeable, high/low quality, high/low price, service/self-oriented, etc.Building a product or service brand permeates the breadth and depth of a company’s contact with its customers and aims at retaining the loyalty of those customers over the long-term. The brand message will be consistent throughout all its contact points with the customer: website, packaging, logo, slogan, advertising, employee training, etc.There are some foundations of building brand loyalty: keep quality high, engage customers, solicit feedback, reward repeat business, stay relevant, provide value, show appreciationStudents may suggest specific ways the company can build its product/service brand and customer loyalty.Calculate financial ratiosFinancial ratios are the most widely used tool of financial analysis. It can be expressed as a percent, rate, or proportion. The most common ratios used by lenders include:

Ratio Calculated What it meansDebt to equity

The total funds provided by creditors vs. owners

Times interest earned

The extent to which a company can pay its interest costs

Current ratio

The extent to which a company can meet its short term obligations




Profit margin

A measure of how much profit a company can generate with the amount of sales

Return on assets

A measure of how well the company can use its assets to generate profits

Return on equity

A measure of how much profit a company can generate with the amount of equity invested

Participants should demonstrate one or two ratios and describe a positive versus negative trend.SP Capture and store data in a learning management system (LMS) ON Complete loan application package SP Comply with strategies for protecting business’ digital assets (e.g., website, social media, email, etc.) SP Conduct an environmental scan to obtain business information ON Conduct an organizational SWOT MN Conduct break even analysis MN Conduct competitive analysis SP Conduct gap and/or needs analysis to identify human-resources development needs

MN Conduct market analysis (market size, area, potential, etc.) How big are the market, market share, market trends, competitive analysis, and SWOT analysis?

SP Conduct safety inspections MN Conduct SWOT analysis for use in the marketing planning process CS Consider conflicting viewpoints.

When you consider and counteract opposing arguments, you strengthen your own argument. Conflict is a 'clash of interests, values, actions, views or directions. Disagreement among people is the underlying basis of conflict. People disagree because they see things differently, want different things, have thinking styles which encourage them to disagree, or are predisposed to disagree.




SP Control incoming/outgoing documentation process MN Coordinate human, capital, and fiscal resources to meet business priorities SP Create a reference tool (data dictionary) MN Create processes for ongoing opportunity recognition

MN Define strategies to protect business' digital assets, customer data, and other protected information PQ Demonstrate active listening skills SP Demonstrate advanced data mining techniques SP Demonstrate advanced presentation applications SP Demonstrate connections between company actions and results (e.g., influencing consumer buying behavior, gaining market share, etc.) PQ Demonstrate fairness PQ Demonstrate personal information management/productivity applications PQ Demonstrate responsible behavior SP Describe crucial elements of a quality culture SP Describe current business trends ON Describe entrepreneurial planning considerations

Identify a real business opportunity - industry analysis, market analysis, products/services offered in the market, target market characteristics and location Plan strategically - set goals and objectives like sales targets, what the business will do to meet the goals, set budgets, plan for growth, determine marketing mix (pricing, location,

image, logo, slogan, promotions) Plan tactically and operationally - how the goals will be executed and measured, employee requirements, logistics of day-to-day operations, distribution, website and online ordering,

money/finances needed, equipment/assets required, legalities, licenses, registrations, suppliers, storage, inventory management, etc.SP Describe expatriation and repatriation issues and practices ON Describe external resources useful to entrepreneurs during concept development SP Describe factors impacting demand

MN Describe factors that influence management PQ Describe functions of money (medium of exchange, unit of measure, store of value) SP Describe legal issues affecting businesses




SP Describe marginal analysis techniques and applications Marginal analysis is an examination that determines if the costs associated with the change in activity will result in a benefit that is sufficient enough to offset them. Instead of focusing

on business output as a whole, the impact on the cost of producing one unit more is most often observed used as the basis for the analysis. Marginal analysis is most often used in microeconomics to find the profit-maximization point; that is, where the marginal cost = the marginal revenue. It is the point where production

balances fixed costs, variable costs, and machine capacity. Marginal analysis can be used with inventory to determine the optimal quantity to have on hand.

CS Describe marketing functions and related activitiesSeven functions of marketing: Marketing information management – the process of getting the marketing information needed to make sound business decisions (marketing research) Financing – getting the money needed to finance the operation of a business (obtaining a bank loan; offering credit to consumers) Product planning – all the decisions a business makes in the production and sale of its goods and services (products to carry, branding, labeling, packaging, etc.) Pricing – deciding how much to charge for goods and services (takes competition into consideration & how much a consumer is willing to pay) Promotion – any form of communication used to inform, persuade, or remind people about a business’ products OR to improve a firm’s public image (TV and radio commercials;

specially designed perks as gifts with purchase-McDonald’s toys/glasses) Selling – providing customers with goods and services they want to buy (to the end user and in the industrial market as materials for business operations) Distribution – making decisions about where to sell your product including the method of transportation (i.e. truck, rail, ship or air) and the storage of items

ON Describe methods of venture harvesting SP Describe methods used to protect intellectual property ON Describe processes used to acquire adequate financial resources for venture creation/start-up

To find an investor a person can: ask family and friends, access crowdfunding platforms, talk to a banker, inquire at the Business Development Bank of Canada (BDC), visit a local business advisory office, contact a venture capital company, find an angel investor through BDC or online, look for leads on social medium platforms.To convince an investor to financially back a business idea, there must be: a sound idea, a business plan, proven sales (start-up amounts), sales and growth projections, a spark of passion in the entrepreneur.Businesses can be funded in stages: seed money (to assess the idea, do market research); start-up (business plan, prototypes, production facilities set up, board of directors established); early production and operations; etc.

SP Describe product standards’ issues associated with global business CS Describe relationship among innovation, learning, and change SP Describe requirements for aligning information technology and business strategy to leverage data as a strategic asset




SP Describe small-business opportunities in international trade ON Describe strategies to protect intellectual property SP Describe supply-chain management strategies SP Describe the components of a well-governed company (e.g., board of directors, reporting, transparency, internal and external audit functions)

A well-governed company is one that has a board of directors, accountable managers who report, diligent audit and control, transparency, and equitable treatment of employees.A well-governed company is one that is:Law-abiding. Management adheres to behaviour that is universally and legally recognized to be correct and proper.Transparent. Information is freely available and directly accessible to those involved. As well, policies and practices and their outcomes should comply with established rules and regulations.Accountable. Decision-makers abide by company policy and are answerable to stakeholders.Equitable and inclusive. Prejudices and discrimination are not tolerated.Socially responsible. Fair. No particular group within the business has an unfair advantage.Participatory. All employees are informed and organized, free to express themselves and work toward the best interests of the organization and society in general.With the new year-end, the month-, quarter-, and year-end will be finalized mid-January. The auditors and board of directors will be privy to the results at this time. The annual report will be published by late March. Corporate income taxes are due within three months of the year-end, and, in the year of a loss can be filed within six months without penalty.

MN Describe the concept of economies of scale CS Describe the concept of insurance

Insurance is the promise of a guaranteed payout in the event that a specified situation or loss occurs, in exchange for the payment of a premium. The insurance company determines your premium based on your risk or likelihood of having to collect on the policy. For example, an inexperienced driver will pay more car insurance than an experienced driver who has a clean record. Underwriting is the process of evaluating the risk to be insured; an actuarial will do the calculation. From the insurance company’s viewpoint, a number of people will pay premiums which collects into a “pool”. If a claim arises, it is paid from the pool. As the group paying premiums gets larger, the odds of a claim are more predictable, and as a result, the premiums will be lower.

SP Describe the factors that influence business process design MN Describe the financial needs of a business at different stages of its development CS Describe the functions of prices in markets

Price is the value in money placed on a good or service. One function of price is that it can affect the value that a customer places on an item. Price helps establish a company’s or product’s image – many customers use price as a gauge to make judgements about products and companies.




Price can give a competitive edge as well as ultimately allow the business to satisfy their end goal to make a profit. The participant could discuss the pricing and how it creates an image for the retailer, as a higher price typically alludes to a higher end image, while lower prices usually indicate a lower end store.

SP Describe the nature of business recordsParticipants should make the connection between business records and business decisions based on those records. Points to address this may include: Inaccurate records could lead to an under or over projection of the business’s financial position in its financial statements. Since these statements are used to make business decisions by management and investors, it can lead to misinformed business decisions as well as billing and delivery errors. Business records are also used as reference points if and when the company is audited, thus these records must be accurate and maintain for future use.

MN Describe the nature of cost/benefit analysis. Do costs outweigh benefit derived from it, i.e. is increase in revenue greater than increase in costs Take into account non-financial benefits (greater customer service, better reputation, etc.) and costs (opportunity cost, etc.)

SP Describe the nature of customs regulations SP Describe the nature of entrepreneurship

An entrepreneur is a person who sees an opportunity and sets up a business taking financial risk in the hope of profit. They are characterised by being: hardworking, tenacious, visionary, creative, adaptable, ambitious, committed, determined, good decision-makers, calculated risk-takers, positive, motivated, eager to learn and collect information, opportunistic, are challenged by problems, successfully manage chaos.

SP Describe the nature of income statementsAn income statement describes a company’s revenues and expenses along with the resulting net income or loss over a period of time due to earnings activities. Participants should relate income statement accounts to the bakery industry. Describes a company’s revenues and expenses along with the resulting net income or loss over a period of time Shows how profitable the company is over a specified period of time Shows Sales (Revenues) less cost of doing business (Expenses) = Net Income (Profit

SP Describe the nature of inter-organizational supply chains SP Describe the nature of legally binding contracts SP Describe the nature of taxes

Despite the common misperception, taxes play a positive role in our lives By collecting taxes, government is able to improve the standard of living for all citizens – with better services and roads, transit, health, education, recreational and cultural facilities

and programs With good jobs and low unemployment, the personal income tax base is stronger, and with prosperous businesses, the corporate tax base is also healthy, fueling even more funding for




city-provided goods and services By levying reasonable taxes, the quality of life enjoyed in the city can be improved – they may wish to survey the public regarding this The city may wish to begin dialogue with those businesses that will benefit from a new convention centre regarding a limited special sales tax or surcharge to help with financing (a

downtown improvement tax) The large, successful home-based insurance company should definitely be approached first about “headlining” sponsorship or a corporate municipal tax credit for a financial donation

CS Describe the need for marketing dataMarketing information management is the process of collecting and organizing data and information about customer attitudes, and about the development, launch and success of new products. The procedures and outcomes must be organized so the business can make sense of the findings and benefit from the research. Marketing data is needed to understand the consumer (motivations, attitudes, perception, value ascribed to the product), the competition, the products themselves, and the reason for product successes and failures. Analyzing the data and understanding these things will improve the product or the service in ways that will satisfy consumers, and will also lead to accurate customer profiles which in turn can be used to predict the success of new products.Marketing data is also crucial in order to plan and carry out successful and cost effective promotional efforts – how do you advertise if you don’t know who you are trying to reach? Marketing data informs businesses about sales trends and patterns and helps perfect the timing of re-ordering, re-launching or discontinuing products. Marketing information can inform businesses about pricing levels and a customer’s perception of value.

MN Describe the role of management in the achievement of quality SP Describe the role of solicitations used in the purchasing process ON Describe the use of operating procedures SP Describe the use of technology in customer relationship management

Relationships have increased in importance in the field of business and marketing in the recent past. This importance can be linked to the changing nature of competition and technological developments. In this context, the question that has been posed is how these two factors affect the development of relationships. In the case of competition, relationships can serve as the basis for competitive advantage, while technology serves as the enabler of relationship building.

MN Describe types of financial statement analysis (e.g., ratio analysis, trend analysis, etc.) CS Describe types of financial-services providers SP Describe word-of-mouth channels used to communicate with targeted audiences

Word of mouth advertising (WOM) is the unpaid spread of a positive marketing message from person to person. It can take place directly using the human voice, or can be transmitted via any communicative means such as through e-mail, social networking sites, blogs, review/referral channels, or text messages.

Marketers have long used "word of mouth" (WOM) promotion campaigns. The idea is to get people to pass information about a product to other people. The idea in these kinds of WOM campaigns is to reach segments of consumers who distrust paid advertising by creating the illusion that the message comes from someone who is like the message recipient.

Social networking has enabled marketers to make practical use of “viral marketing,” “buzz marketing,” “guerilla marketing,” and other forms of "word of mouth" marketing that rely on




social networking. The general idea of viral marketing is to "let the behaviours of the target community carry the message."SP Design a database to meet business requirements CS Determine factors affecting business risk

Business risk is the potential for business loss or failure3 kinds of business risk: economic, natural and human Economic- occur from changes in overall business conditions (competition, changing consumer lifestyles, population changes, limited usefulness or stylishness of some products,

product obsolescence, government regulation, inflation or recession) Natural- result from natural causes (weather conditions-floods, fires, hurricanes, etc.) Human-caused by human mistakes and the unpredictability of employees or customers (dishonesty, carelessness, incompetence, accidents, illness, non-payment of accounts)There are many types of risks businesses face—political, financial, social, economic, legal, theft, safety, etc.There are many types of risks faced in the restaurant industry—alcohol, underage drinking, fire, burns, food poisoning, spills, broken glass, etc.It is important that businesses anticipate possible risks and create plans to deal with these risks.If possible, businesses should find ways to make certain that the risks are prevented before they occur

ON Determine feasibility of venture ideas ON Determine financing needed for business operations SU Determine hiring needs

The student in the role of human resources manager should identify hiring needs for the business in question. Hiring needs may include: security, cooks, wait staff, kitchen staff, technical staff, sales staff, catering, banquet and special events, Event operations , engineering technicians, Custodial

staff, Parking staff, Medical staff – Paramedics/First Aid Keeping in mind all of the above needs to be accomplished promptly

MN Determine initial feasibility of product idea SP Determine inventory shrinkage ON Determine opportunities for venture creation CS Determine personal net worth CS Determine personal vision

Guiding principles that influence daily decisions as well as overall direction. For a community – personal vision must encompass best interest of general population of community as a whole. Creativity, personal beliefs, values and community expectations should be included.




MN Determine relationships among total revenue, marginal revenue, output, and profit MN Determine services to provide customers

Create a “healthy value menu” To attract customers to the newer products, we can offer a different healthy product at a reduced price for each day of the week Always provide the best service for the customers. Create a pleasant atmosphere, and treat the customer as king/queen Services include short and long term rental for individuals and/or groups Group services for companies require office equipment availability, Internet service and perhaps event management assistance Information about and assistance with area amenities should be available (discounts) information about rental of mountain bikes, walking trails, historic sites should be available long term rentals would require laundry facilities dining room needs to provide for a variety of dietary needs e.g. vegetarian community dining room provides a form of entertainment for guests and a unique dining experience not found in other restaurants

MN Determine stakeholder expectations Students should be able to identify some of these stakeholders:Investor – expects profitable return, social responsibility piece, very fresh healthy baby food, delivery with no minimumsRegular Customers – expect very fresh healthy baby food, timely delivery, ease of paymentSocial Responsibility clients – don’t yet know about this company and as a result expect nothingBusiness Owners – expect profitable returns, to make a quality product, to deliver in a timely manner, to increase the customer base by being a socially responsible corporation Employees – expect a company that consistently delivers what it promises, and treats employees and customers with dignity and respectSuppliers – expect accurate shipping/receiving, prompt payment, and repeat business

SP Determine the components of internal accounting control procedures for a business CS Determine the relationship between government and business MN Determine venture's information technology needs CS Determine ways of reinforcing the company’s image through employee performance

The participant should identify the need for positive employee performance and mention some of the ideas listed below:• staff can improve customer satisfaction by carefully, quickly and pleasantly handling .customer transactions, and, knowing the various services offered by the company/store as well

as who can help the customer with those services. • pleasant greeting and a reassuring departure are useful tools in maintaining a good image• Offer helpful comments during and after a transaction and always thank the customer in order to build a good relationship




• Follow up on all promises made to a customer, and check on their level of satisfaction after a purchase• Positive customer-client relations require compassionate and immediate action when dealing with complaints and inquiries. • Creating a harmonious working environment will improve employee morale and be genuinely passed on to the customer

MN Develop a risk management program ON Develop action plans CS Develop an achievement orientation

Achievement orientation is about getting results. It can be about working toward excellence or a personal desire to do better than before. People who are achievement oriented set high standards. Achievement orientations have been shown to be associated with individuals’ academic achievement, adjustment, and well-being. An employee with strong Achievement Orientation will be: Open to new challenges Have a greater ability to anticipate obstacles Willing to be held accountable for their actions Focus on identifying ways to do things better Learn how to initiate actions to improve personal performance Cultivate new strategies for obtaining information Become more successful in taking advantage of opportunitiesDeveloping this orientation includes the activities to promote or enhance this orientation, such as: setting realistic goals, monitoring the attainment and alignment of these goals.

ON Develop and/or provide product/service Develop business plan

SP Develop communications plan ON Develop company goals/objectives MN Develop company's/department's budget MN Develop customer profile ON Develop exit strategies MN Develop expense control plansMN Develop marketing planSP Develop monitoring programs for restrictive contract requirements




ON Develop plan to invest resources into improving current products or creating new ones.Minimize risks and allocate investment and resources wisely: Will the new product or service meeting customer need; are your clear about what the new product or service achieves; does it match your business strategy and strengths Consult with your team – employees, franchisers, customers, suppliers – to contribute ideas and insights for the short- and long-term Market research to learn about trends in the market, what the competition is doing, establish a unique selling positionStep 1 – Idea Generation Gather ideas to be evaluated as potential product options. Many market research techniques are used to encourage ideas including: running focus groups with consumers, channel members, and the company’s sales force; encouraging customer

comments and suggestions via toll-free telephone numbers and website forms; and gaining insight on competitive product developments through secondary data sources. New product ideas may come from brainstorming, responding to some observed need or even by chance.Step 2 – Screening Critically evaluate ideas generated by step 1 Ideally, screen products based on an established set of evaluation criteria Select the most attractive optionsStep 3 – Concept Development and Testing Obtain feedback from customers, distributors, employees on selected ideas Market research may be done with focus groups, based on concepts of a product, story boards, or non-functioning “mock-ups” of the product.Step 4 – Business Analysis Analyse the likely success and viability of the new idea. Analysis may include - target market size, operational costs, financial projections.Step 5 – Product and Marketing Mix Development Begin working on actual product design Begin formulating a marketing plan and addressing other elements of marketing mix (pricing, promotion, place / distribution)Step 6 – Test Marketing Test the actual product. May include offering product to a selected small segment of the target market (Windsor and London are often selected as test markets for large companies)Step 7 – Commercialization Introduce product to wider market May be done in waves or all at once

SP Develop project plan




Recognize that incremental improvements are not sufficient to address the (fundamental) problems in the business described.Identify clear objectives for what the project will be about; improving the way the store is operated from the customer’s perspective.Identify steps that will need to be taken to achieve the desired resultsA project plan answers the following basic questions regarding the project:• Why? - What is the task related to the project? Why is the project is being done?• What? - What are the activities required to successfully complete the project? What are the main products or deliverables?• Who? - Who will take part in the project and what are their responsibilities during the project? How can they be organized?• When? - What exactly is the project schedule and when can the milestones be completed?

ON Develop strategies for legal/government compliance Develop tolerance for ambiguity (EI:092) (CS)*

SP Discuss actions employees can take to achieve the company’s desired results. Employees, all have the responsibility on behalf of the store of satisfying the customer’s needs (motives) Employees have to realize that their success and enjoyment on the job depends on how successful the store is, so they have to be prepared to contribute to helping the store to become more successful.

SP Discuss business process thinking and its impact ON Discuss entrepreneurial discovery processes SP Discuss factors that impact human resources management (e.g., availability of qualified employees, alternative staffing methods, employment laws/regulations, company

policies/procedures, compensation and benefit programs, staff diversity, etc.) Human resources management refers to the management of a business’s workforce. Human resources management involves a variety of functions including recruiting, hiring, training, evaluation, performance management, benefits, compensation, employee health and safety, ensuring adherence to labour laws, etc. Factors that impact HRM include:Economic Conditions – One of the biggest external influences is the shape of the current economy. Not only does it affect the talent pool, but also it might affect the company’s ability to hire anyone at all. One of the biggest ways to prepare against economic conditions is to not only know what’s happening in the world, but also create a plan for when there is an economic downturn. Workforce Demographics – As an older generation retires and a new generation enters the workforce the human resources department must look for ways to attract this new set of candidates. They must hire in a different way and offer different types of compensation packages that work for this younger generation. At the same time, they must offer a work environment conducive to how this generation works.Social - Several social factors may influence your HR planning, but equalities and diversity need to be taken into account in particular. If there is a clear discrepancy of one social group, it’s a good idea to build in ways to open up new opportunities.

MN Discuss factors to consider in choosing between debt and equity capital




SP Discuss global supply chain issues MN Discuss limitations of using financial statements to assess business performance SP Discuss managerial considerations in directing CS Discuss the importance of corporate governance in business SP Discuss the importance of ethics in data mining SP Discuss the nature of business analysis SP Discuss the nature of business customs and practices in Sub-Saharan Africa SP Discuss the nature of business customs and practices in the Middle East CS Discuss the nature of data mining SP Discuss the nature of enterprise risk management (ERM) SP Discuss the nature of environmental law CS Discuss the nature of human resources management

Human resources management refers to the management of a business’s workforce. Human resources management involves a variety of functions including recruiting, hiring, training, evaluation, performance management, benefits, compensation, employee health and safety, ensuring adherence to labour laws, etc. Effective human resources management processes and procedures are critical to the efficient and successful operation of a business, and can have an impact on the organization, its employees, and its customers. Human Resources Management [HRM] is a set of organizational activities directed at attracting, developing, and maintaining an effective workforce. It involves processes such as hiring, orientation, professional development, counselling, and dismissals through which the department tries to motivate and retain qualified personnel to

operate the company effectively.SP Discuss the nature of supply chain management

Supply chain management is the sourcing of materials, the manufacture of goods, and the warehousing and distribution of products. A supply chain manager will research and analyze the marketplace; develop demand forecasts; evaluate suppliers’ capabilities to deliver; utilize technology such as Systems,

Applications, and Products in Data Processing (SAP); develop aggregate and master production plans/schedules; and analyze business processes. Industry-standard theories, methods, and techniques include: • Six Sigma (a strategy to reduce the risk of manufacturing errors and defects) • Total Quality Management (a principle that every staff member must be committed to maintaining high standards of work in every aspect of a company's operations)• Just-in-Time (a manufacturing system in which materials or components are delivered immediately before they are required in order to minimize inventory costs)• Lean (systematic method for waste minimization without sacrificing productivity) Concepts and theories are applied to supply chain management strategies and problem solving.




MN Discuss the relationship between risk and business objectives SP Discuss the role of administrative law CS Distinguish between economic goods and services

Economic goods are tangible items such as products or materials that satisfy consumer wants or needs. Economic services are intangible and satisfy consumer wants or needs such as haircuts, dry cleaning, or massages. Services cannot be owned or returned by someone as could be with a

good. Services are delivered by a service provider who is paid to do so by a consumer.SU Encourage team building

Did the student explain the benefits (i.e. increased productivity, sales, # customers, etc.) of team building? Did the student explain strategies for successful team building? Explain team building skills – Purpose – what are the shared goals? Empowerment – provide clarity and structure, establish roles, encourage accountability Relationships and communication – hold meetings to keep team cohesive Optimal performance – shared accountability, performance depends on clear goals and timely feedback Recognition and morale – recognize team’s efforts with compliments or even weekly discussions on what they are proud of accomplishing

CS Enlist others in working toward a shared vision Show others the benefits of a shared vision (could be a positive work environment where employees want to go to work and enjoy being there leading to increased productivity and

cohesiveness). Model behaviours from the top down so others see how it can and will work. Gather feedback and input from others about what the vision should be and how it can be achieved. Involve them in the process so they have ownership to it.

MN Establish efficient operating systems MN Establish performance standards to meet organizational goals MN Establish policies and procedures to maintain physical security of the work environmentMN Establish policies to protect company information and intangiblesMN Establish safety policies and procedures MN Establish specifications for selecting hardware/software systems MN Establish strategic relationships with others




SP Establish uniform definitions of data MN Evaluate channel members

The evaluation channel members is important because the failure of one member can cause the failure of the whole. Channel members can be employees as well as independent business firms.When choosing a channel member consider the following:• The nature of your product• The degree of control you want over the passage of inventory through the channel• The relative importance of channel member• The number of channel members involvedThe major criteria of evaluating ongoing channel members is sales, but there are others:• Sales is the most popular performance criteria used in channel evaluation. Sales might further be subdivided into current sales compared with historical sales, comparisons of sales with

other channel members, and comparisons of the channel member's sales with predetermined quotas. • Maintenance of adequate inventory• Selling capabilities• Attitudes of channel intermediaries toward the product• Competition from other intermediaries and from other product line carried by the manufacturers own channel members.

MN Evaluate customer experience SP Evaluate data structures ON Evaluate options for continued venture involvement

Evaluate project results (OP:159) (SP)ON Evaluate risk-taking opportunities MN Evaluate strategies for protecting business' digital assets (e.g., website, social media, email, etc.), customer data, and other protected information SP Evaluate supplier performance and compliance SP Evaluate vendor performance

The participant should consider the following when evaluating a vendor’s merchandise. Will the merchandise suit their target customer? Is the merchandise the right fit for their image and stores? Is the quality and styling of the merchandise something that works with their reputation?




Costs of the merchandise - to the retailer (including shipping costs) – costs to the public Production capabilities, past experience, product quality, the availability of special buying arrangements or services that correspond to this vendor When dealing with a vendor for the first time, buyers might solicit references to determine the vendor’s reputation. Many businesses maintain resource files and journals that document

past experience with vendors. Such a journal may include an evaluation of product quality, delivery performance, and customer service. Returns relating to the quality of products may cause a vendor to be dropped.

Participant should address methods of determining success such as: Sales Customer satisfaction Returning customers

CS Exhibit cultural sensitivity Exhibiting cultural sensitivity may start with language lessons, but more often extends to learning the etiquette, protocol, communication styles, and negotiation approaches of various

international business associates and clients.SP Explain communications channels used in public-relations activities

Communication channels are the ways the team can communicate with the fans. The team will want to use the methods most likely to quickly reach the majority of fans (the target market).Participants may discuss, but are not limited to, some of the following ideas: Electronic: local television commercials, web site, webcasts, social media (Facebook, Snapchat, Instagram, Twitter, etc.), info on the website for online ticket purchases Speaking opportunities: local radio, pre-game interviews, blurbs on the broadcasting equipment at the game site, public forum visits (schools, malls, arenas, etc.) Print: newspaper, magazines, mailed letters, posters, info on the box office

SP Explain components of total rewards system ON Explain considerations in making the decision to hire staff SP Explain contingency factors affecting job offer (e.g., background checks, drug tests, physical results, etc.)

MN Explain external planning considerations• Outside influences that can impact a business and companies must plan with these factors in mind. Various external factors can impact the ability of a business or investment to achieve

its strategic goals and objectives. • These external factors might follow the PESTEL analysis: political, economic, social, technological, environmental, legal. Competition is another external consideration.• In a SWOT analysis, the external factors would be Opportunities (gaps in the market or new markets) and Threats (new products or new competitors)

SP Explain factors affecting pricing decisionsFactors affecting a company’s pricing decisions include any or all of the following:




Price-quality relationship: Customers use price as an indicator of quality. When quality does not change customers will not expect a pricing change. Explicability: The company should be able to justify the price it is charging, especially if it is on the higher side. An increased price may alienate customers who were attracted to the

low cost. Competition: A company should be able to anticipate reactions of competitors to its pricing policies and moves. Competitors can negate the advantages that a company might be

hoping to make with its pricing policies. A company reduces its price to gain market share. Every company should research what its competitors are charging and have their prices strategically placed the market place.

The costs must be recovered. The profit must adequately exceed costs. Market Demand will determine how much can be charged. Both higher demand and lower supply will result in a higher price. Competition also affects the price that can be charged. The more competition there is, the lower the price (in general). Your business strategy and image will affect your price. The more elite or rare your product is, the higher the price. Product Uniqueness and Improved Value can also substantiate a higher price. Loyalty may affect price. Some companies will lower prices to loyal members to keep their business, while others may raise prices knowing that their customers will buy regardless of

the price.SP Explain factors that influence customer/client/business buying behaviour

Buying Behavior is the decision processes and acts of people involved in buying products/services. Businesses need to understand: Why consumers make the purchases that they make? What factors influence consumer purchases? The changing factors in our society.There are 3 main categories of factors that influence buying behaviour: Personal: demographics factors such as gender, race, and age Psychological: motives, perceptions, ability and knowledge, attitudes, personality, lifestyles Social: opinion leaders, roles and family influences, reference groups, social class, culture and sub-culturesThere are 4 types of buying behavior that vary in degree of the customer’s involvement in the process: Routine Response/Programmed Behavior – buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically.

Examples include soft drinks, snack foods, milk etc. Limited Decision Making – buying products occasionally. When you need to obtain information about an unfamiliar brand in a familiar product category, perhaps. Requires a moderate

amount of time for information gathering. Examples include clothes. Extensive Decision Making/Complex – high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk.

Examples include cars, homes, computers, education.




Impulse buying – no conscious planningON Explain factors to consider in determining a venture's human-resources needs SP Explain factors used to establish data mining rules ON Explain loan evaluation criteria used by lending institutions MN Explain management’s role in customer relations

The objective of all customer relations management strategies is to pinpoint exactly what individual customers or specific demographics of customers want, this way a company can increase sales. In most customer relations management strategies, systems are put in place that require customer management software, training of employees and streamlining of processes. If successful, this strategy enables every professional who communicates with clients to customize service and increase sales. In particular, management can prepare their employees to promote good customer relations by:• A positive customer relations mindset means believing that your customers: deserve the very best, are your employers, deserve your focused attention, have the right to expect things of

the company, and have important problems and complaints. • Positive customer relations yield benefits to the business, the employees, and the customer. Businesses benefit by being more competitive, obtaining repeat business, and greater profits. • Employees may receive customer compliments and perhaps a raise or promotion for good customer service skills. • Customers benefit by having a more pleasant, satisfactory buying experience. This creates an atmosphere of goodwill.

Positive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling complaints, inquiries, and requests.

• Demonstrate good customer relations by doing the following: considering and attempting to meet their needs, concentrating on them without distractions, following up with them, following through on what you say you are going to do, and being efficient in handling issues.

Explain management’s role in the achievement of qualitySP Explain managerial considerations in organizing CS Explain marketing and its importance in a global economy ON Explain methods/processes for organizing workflow SP Explain payroll functions ON Explain sources of financial assistance SP Explain standard relocation practices

MN Explain strategies for linking performance measures to financial outcomes SP Explain the benefits of supply chain collaboration




SP Explain the causes of business process changes ON Explain the complexity of business operations CS Explain the concept of accounting

Accounting is defined as the art of recording, classifying, and summarizing in terms of money, transactions and events which are financial in nature Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement Accounting concepts that would be applicable to a bank reconciliation include: Going Concern – where accountants assume that the company is not going broke Consistency – valuation methods are treated the same way from month to month, allowing users to make more meaningful comparisons of financial information Matching – journal entries resulting from “outstanding” bank items should be matched with the income earned for a specific accounting periodParticipants should be able to identify and explain accounting fundamentals as they apply to this situation. The participant’s address may include: Accounting involves the careful and accurate recording of the transactions of a business. These records are used to formulate financial statements that represent the financial position of the business.Accounts payable handles invoices charged to the company on orders made

CS Explain the concept of competitionCompetition is the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market-share growth. In any industry it is important that companies distinguish themselves from competition by promoting their competitive advantage – how/what makes the company better than competitors. This ultimately gives consumers a reason to choose one competitor over another and drives sales. Competition benefits consumers by helping to maintain reasonable prices, providing new and improved products, and providing a wide selection of products from which to choose. It forces businesses to operate efficiently. Competitors can be direct (the same products are offered) and indirect (different kind of product that can satisfy the consumer’s need).

CS Explain the concept of leadership Someone they respect Someone who has a vision and is able to execute strategy to achieve that vision Trusted by and has the confidence of subordinates Communicates effectively – helps employees understand company’s business strategy, understand how they can contribute to the success of the organization, share information with

employees on how the organization and division is doing Organizes groups of people to achieve a common goal. Leadership styles differ among various individuals. Is able to motivate others to work together while following goals/instructions. Good leaders increase productivity of companies as well as creativity and overall effectiveness.




CS Explain the concept of management CS Explain the concept of market and market identification

The market is the group of customers a company is most likely to try to sell to. The total market would be all of the potential customers the company could reach. This total market would be divided into several smaller groups (market segmentation) based on demographic factors like income, occupation, age, etc. and psychographic factors like attitudes, pet ownership, and lifestyles and geographic factors such as where the customer’s homes are. The company would then study each segment to determine which group or groups they would like to focus their efforts on selling to (target market). These decisions will be based on how easy it will be to reach or satisfy certain customers or how easy it will be to make sales to them.Student competitors should identify some of the characteristics of Millennials and Generation Z. (A brief list of Generation X and Baby Boomers is provided in case the student competitor compares generational characteristics.)




Millennials (20-30):Highly educatedTech savvyCivic orientedGlobal citizensEntrepreneurialPragmatic, idealistic, CompassionateProgressive, liberalResults oriented

Generation Z (under 20):Consume more media than ever before Globally orientedLooking for cool products over cool experiencesEntrepreneurialTech savvyPassionate employees who want to co-create culturePeople-oriented, not profit-orientedRespond to edgy, visual marketing tactics

Gen Y & Baby Boomers (50-70)Strong work ethicSelf-assuredIndependent and self-reliantCompetitiveGoal-centricResourcefulMentally focusedTeam orientedDisciplined




CS Explain the concept of marketing strategiesAn organization's overall marketing strategy combines all of its marketing goals into one comprehensive plan to achieve the desired goal. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is an explanation of the goals you need to achieve with the marketing efforts. A marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. The overall marketing strategy identifies where the business wants itself placed within the market, and the marketing plan consists of the techniques, and methods to get the business there. Marketing strategies can also refer to the specific techniques and methods used to reach the overall goals; some examples are: relational marketing (building loyalty) transactional marketing (increasing the number of transactions by offering sales, coupons, etc.) word of mouth marketing, cause marketing (corporate charity) scarcity marketing (limited quantities) viral marketing (use of social media) Marketing strategies are the chosen mix of short-term and long-term marketing activities coordinated to achieve the goals of the business. The strategies used vary depending on the stage of the product life cycle, nature of competition, and availability of resources to commit to marketing efforts.

SP Explain the concept of organized labor and business CS Explain the concept of private enterprise

Private enterprises are organizations owned and operated by individuals and not on behalf of government institutions.SP Explain the concept of product mix

The product mix includes all the product lines a company sells. A product line is a group of products sold that have some kind of similarity. Additions or modifications to a company’s product mix require research and development to ensure the proposed changes appeal to existing or prospective market segments. There are 4 dimensions to a company’s product mix: Width (the number of product lines sold); Length (the total number of products in the product mix); Depth (the total number of variations of a product like size, flavor, colour, or other distinguishing characteristic); and, Consistency (how closely related product lines are to each other in terms of how they are produced and distributed). Small companies typically start out with a product mix limited in width, length, and depth, but high in consistency. Over time, the company may want to he company may want to differentiate products or acquire new ones to enter new markets. A company can also sell the existing products to new markets by coming up with new uses for their product.




CS Explain the concept of productionThe participant should recognize some of the following characteristics of production: Identify the job/task Identify the resources or data required to transform resources into goods and services The logistics of getting the job/task done efficiently, correctly, and safely Impact of job/task on customer satisfaction/experience Successful production focuses on achieving high production efficiency, low costs, and mass distribution.

CS Explain the concept of supply chain ON Explain the impact of resource productivity on venture success SP Explain the impact of supply chain on business performance (e.g., value, customer satisfaction, business design, sustainability) CS Explain the nature and scope of channel management

Channel Management is how a business uses marketing and sales techniques to reach their customer base. Channel management organizes all possible ways to communicate with customers. Organizations must consider their target markets in terms of their preferred methods of communication while trying to reach their goals of gaining and maintaining customers. Regardless of the channels chosen, the messages must always be consistent with the organization’s branding and position.

The Management of the channel refers to the ability of a business to operate all of its sales methods effectively. The scope of these Channels of Distribution could include direct from manufacturer, retail, wholesale, import, or specialty channel (internet, home shopping, catalogue, vending machine, etc.). When done properly, effective channel management allows a business to deliver products successfully and a manner of its choosing to customers thus strengthening the relationship between the business and its customers.

Types of communication channels include but are not limited to: social media, print advertising, corporate website, online advertising, telemarketing, email marketing, webcasts, tradeshows, direct mail promotions, white papers, and face-to-face events, on-line video streams, mail office try-on centres.

CS Explain the nature and scope of distribution CS Explain the nature and scope of purchasing

The purchasing function of a business ensures that all production materials or inventory items are available for use when needed. Effective purchasing must be cost effective and efficient and take into account the quality of raw materials, where they are coming from, and what future costs are expected to be (will raw materials increase in price over time, will there be a shortage of raw materials due to external factors, etc.). Purchases must stick to a budget communicate effectively with the accounting/finance department.

SP Explain the nature and scope of the pricing functionPricing involves placing a monetary value on a product or service based on tangible things like adequately covering costs, and intangible things such as company image and the product’s or service’s perceived value. The function of pricing involves the strategies used to set prices of products, pricing computations such as discounts and markups, and the overall relationship between pricing and the company’s profitability. The pricing function looks at costs, competition, and how much customers are willing to pay for a good or service. Participants should be able to identify and explain factors affecting pricing in this situation. The participant’s answer may include (but is not limited to):




• Cover overhead costs (building costs like rent and utilities, advertising, office expenses and employee costs) Must cover costs, be competitive, and offer a profit• Reflects the market value of visiting the location• The location’s image must correspond with the price • Pricing is an integral part of the 4P’s of marketing• Customer loyalty can be built in to the pricing structureThe student competitor should some mention of the above information and how it relates to the pricing in the case.

CS Explain the nature and scope of the selling functionParticipants should identify that the selling function provides consumers with the products or services that they want or need. Participants should explain that the selling process is a personalized communication and influences the purchase of a product or service and future sales. (It is not advertising or promotion.) They could also mention that this occurs at all levels of the distribution channel. Participants should identify the various levels of personal selling as it relates to the image of the store, and, the level of interaction with customers: Stores that promote a discount image – may have limited sales staff who offer little service beyond checking out at the cash register Stores that attract customers interested in exclusive, ‘pricey’ items have sales personnel to not only help customers make buying decisions, but also make customers feel important Planned communication – greetings, explaining specials, things that sales personnel say to all customers Personalized communication – knowing what level of help will best suit each customer Influences purchase decisions – knowing how to, and when to, close a sale Should ensure customer satisfaction

SP Explain the nature of a compliance program SP Explain the nature of balance sheets

Describes a company’s financial position at a given point in time A snapshot of the company’s financial structure Shows assets (what a company owns), Liabilities (what a company borrowed, its obligations) and equity (contributions from owners – common stock – plus contributions from profit –

retained earnings). The Balance Sheet must balance Sub-ledgers provide detail for all line items on the Balance Sheet When compared with past years’ Balance Sheets, the health of the business can be determined. Managers, owners and investors use Balance Sheets to analyse and evaluate the current operations of a business and suggest changes/improvements.

MN Explain the nature of business plans ON Explain the nature of businesses' reporting requirements




SP Explain the nature of change management MN Explain the nature of channel strategies

A channel strategy is a vendor's plan for moving a product or a service through the chain of commerce to the end customer. Channels of distribution can be short (manufacturer to customer) or long (going through intermediaries).Other possible channel options include: importers, agents, wholesalers, distributors, warehousers, brokers, sales force, e-commerce (website, social media), retail outlets, vending machines, value-added resellers (Amazon, shopping channel) The choice of channel will depend on: Time to market – for example perishable products need quick delivery The costs of each option vs the benefits Reach – where the customer expects to buy the product Skill – complex products need the skill and expertise of a knowledgeable sales staff Competition – mirroring the channels the competition uses may be the best alternative Control – ensure product integrity and level of customer service Cost of up front investment – whether there are funds to establish your own distribution network Brand Image – e.g., Coach sells almost exclusively through its own stores

CS Explain the nature of channels of distributionA channel of distribution is the road that a product or service takes from production to end user. Products and services may use direct or indirect distribution channels to arrive to a customer. Direct distribution is when the producer sells the product to the end user. Indirect distribution involves one or more intermediaries who aid in moving the product from producer to end user. Factors such as whether it is a consumer or industrial product, the cost and size of the product, or the uniqueness of the product, affect what channel of distribution is selected.

SP Explain the nature of direct marketing channels The participant should demonstrate an understanding that direct marketing is selling directly to the consumer without a ‘middle-man.’. Direct marketing occurs when the "producer"

connects with the end user. The end user may be a consumer or a business. The participants could suggest several ways to use direct marketing channels including using a direct sales force, websites, online chats, contact through various social media, email,

text message, phone app, direct mail, telemarketing, seminars, trade shows, and other "one-to-one" techniques to communicate with their fans/customers. The participant will name/describe direct marketing and possible channels, and may suggest how direct marketing will be used for this case.

SU Explain the nature of human resources regulations SP Explain the nature of managerial cost accounting (e.g., activities, costs, cost drivers, etc.)

MN Explain the nature of managerial ethics




SP Explain the nature of marketing researchMarketing research is the systematic collection, analysis, and interpretation of data/information and is used to solve a marketing problem. Marketing research is typically either Secondary or Primary. Primary Research is conducted first hand and did not previously exist. Primary research methods include: focus groups, product tests, questionnaires and surveys, test marketing, product sampling, or other experimental or observational methods. Secondary research is the use of information that has already been collected by other people. Secondary research methods include: the internet, periodicals, newspapers, databases, national census, etc. Research can be qualitative (subjective) or quantitative (objective/measurable), formal or informal, extensive or cursory.The research can focus on many issues: product, price, locations, advertising, motivations, perceptions, competition, media, etc.

CS Explain the nature of operationsOperations include all the activities involved in the day-to-day functions of the business conducted for the purpose of generating profits. It is the organization of everything the company needs to do business. This includes facility location, facility layout, facilities management and maintenance, purchasing, production scheduling, quality control, inventory management, supply chain management, logistics management, administration, safety & security, and employee relations.

SP Explain the nature of overhead/operating costs Overhead and Operating costs combine to add up to the costs of operating the business Operating costs can either be fixed (overhead or operating) or variable (operating) Overhead costs must be paid regardless of the level of production or sales and are relatively constant from month to month (insurance, rent, wages, utilities when they cannot be tracked

for individual jobs, supervisor salaries). Fixed costs do not fluctuate due to the number of items sold. The fixed cost per item decreases as more items are sold. Variable costs are for the most part the materials and direct labour used to make the product, and are therefore dependent on the business’ level of production, and change constantly

depending on the units of production. Variable costs fluctuate because of the total number of items sold. The variable cost is constant as more items are sold.SP Explain the nature of quality management

Explain the nature of remedial actionSP Explain the nature of risk management

Risk Management strategies are used by business to mitigate the impact of business failures and to eliminate or reduce the possibility of business failures. Businesses often use four strategies of Risk Management: Risk Transfer (moving the risk to another party), Risk Avoidance (eliminating or reducing the likelihood of risk factors), Risk Insurance (purchasing insurance to cover costs associate with realized risks) and Risk Retention (accepting the possibility of risk and not acting).

ON Explain the nature of tax regulations on business SU Explain the nature of workplace regulations (including OSHA, ADA) ON Explain the need for business systems and procedures ON Explain the need for continuation planning




ON Explain the need for entrepreneurial discovery CS Explain the need for innovation skills

Innovation skills are the use of new technology, materials, or processes to improve on existing products and services, or how they are produced and distributed.Background: There are many more innovators than there are inventors. Innovators conceive of ways to improve on existing products, processes, or distribution methods. Most innovators develop as a result of the competitive markets; one business tries to become better than another business at something.Being able to think outside the box and share ideas with your employer for the betterment of the company. Innovation skills are needed to meet the quickly changing realities of the banking and finance sector.

SP Explain the principles of data analysis ON Explain the purposes and importance of obtaining business credit MN Explain the role of customer service in position/image

Students should comment that the actions of every employee should reflect the position or image that the business wants to occupy in the mind of the consumer. Employees need to be made aware of the businesses position so that they can carry it out in every act of customer service. Effective customer service should reinforce the product

image. Hospitality industry sales are based on corporate image and reputation. Newly established small hotels need to establish their image and reputation by providing additional services and

amenities not possible in larger establishmentsExplain the role of customer service in positioning/imagePositioning is the process marketers use to determine how to best communicate their products’ attributes to their target customers based on customer needs, competitive pressures, available communications channels and carefully crafted key messages. Positioning is finding a niche, or competitive advantage for a company or product in the market place. One bad experience can undo all the marketing dollars spent on an image, making customer service a key component in building a strong brand.Customer service personnel are the first, and maybe only, contact with the company so it is essential for these employees to convey the brand image and ensure that the customer’s experience is stellar. They can: Present an attitude of valuing the customer and offering a consistently helpful, can-do service experience Be consistently friendly and helpful in every means of communication (phone and online) Build/pursue a professional personal and/or emotional connection to build loyalty Be extremely well-informed about all aspects of the company and its products and servicesEmpower these personnel to ask for feedback, offer small thank you/incentive freebees, and, meet with them and listen to the information they are getting from customers in order to offer more of what is desired.

CS Explain the role of promotion as a marketing function Promotion is part of the marketing mix




Promotional mix includes personal selling, advertising, sales promotions and public relations/publicity It is about promoting brand image and creating brand identity and loyalty, increasing awareness, and increasing sales

SP Explain the role requirements of entrepreneurs and owners ON Explain tools used by entrepreneurs for venture planning SP Explain types of advertising media

Nine types of advertising media available to an advertiser are: (1) direct mail (2) newspapers and magazines (3) radio advertising (4) television advertising (5) film advertising (6) outdoor advertising (7) window display (8) fairs and exhibition and (9) specially advertisingThe student may make mention of any of the above and comment on the effectiveness for this product, as well as the costs involved.

MN Explain ways to assess risk ON File business tax returns MN Forecast sales MN Forecast sales for marketing plan SU Foster “right” environment for employees ON Generate venture ideas SU Handle employee complaints and grievancesMN Identify and benchmark key performance indicators (e.g., dashboards, scorecards, etc.)MN Identify business risks ON Identify capital resources needed for the venture SP Identify communications channels used in sales promotion

Marketing communications are the means by which firms attempt to inform, persuade, and remind consumers - directly or indirectly - about the products and brands that they sell. Sales promotions are short-term incentives to encourage the purchase or sale of a product or service. Sales promotion includes several communications activities that attempt to provide added value or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate immediate sales. These efforts can attempt to stimulate product interest, trial, or purchase. Examples of devices used in sales promotion include coupons, samples, premiums, point-of-purchase (POP) displays, contests, rebates, and sweepstakes. Personal communication channels - between two or more persons; It can be done face-to-face, or by a person to audience, over telephone, or through post or couriers or through

emails or through mobile messages Non-personal communication channels - they include media, atmospheres, and events. Media channels - include print media (newspaper, magazines, souvenirs, proceedings of conferences), broadcast media (radio, television), display media (billboards, signs, posters)




and electronic media (audiotape, videotape, videodisk). Atmosphere - what firms create in their office environment. The office interiors and exteriors have a meaning to the potential buyers. Events - occurrences designed to communicate particular messages to target audiences or audiences. Company arranged news conferences, opening ceremonies of various kinds, and

sponsorships of various events come under event communications channels. CS Identify company’s brand promise

Brands are names, terms, designs, or symbols that distinguish a product from their competitors and they communicate features, benefits, qualities and value. This company is new and currently has no brand promise or slogan.

Creatively and effectively using a company brand image and slogan will help build product recognition, customer loyalty and a positive corporate and product image. The company’s brand promise is delivered through their brand name (the name of the company), their yet-too-be-developed slogan which must direct their entire business philosophy

and employee behaviour. Customers will come to have confidence in the product quality, the delivery and the company’s social responsibility based on the brand and associated brand promise.

MN Identify company’s unique selling propositionIn general terms, the Unique Selling Position is described as: The key to effective selling in this situation is what advertising and marketing professionals call a "unique selling proposition" (USP). Unless you can pinpoint what makes your business unique in a world of homogeneous competitors, you cannot target your sales efforts successfully. Pinpointing your USP requires

some hard soul-searching and creativity. One way to start is to analyze how other companies use their USPs to their advantage. This requires careful analysis of other companies' ads and marketing messages. If you analyze

what they say they sell, not just their product or service characteristics, you can learn a great deal about how companies distinguish themselves from competitors. Identify factors affecting a business’s profitProfit is the monetary return a business owner receives for taking the risk of investing in the business. Profit equals income less expenses. There are two types of profit: gross – the money left over after the cost of goods is subtracted from sales, and net – the money left over after the operating expenses are subtracted from the gross profit.To increase profit, a business can increase worker efficiency, increase sales or decrease expenses.Factors that affect profit include: the demand for the good/service expenses – supplies, material, labour, administration, advertising price point – each type of product must determine what prices to set that will ensure that costs are covered while still making a profit but not so high that potential customers will be

driven away the economy




chance Identify internal and external service standardsThe participant must first show an understanding and explain the difference between the internal and external customer. An internal customer can be someone that works within the same department or even another position, and the external customer is the individual/guest who is buying from the company or using the company’s services. It is important to note that both internal and external are based on the needs and expectations of the customers. Internal service standards may include: Treating employees with respect Lead by example and be true to your word Create a team atmosphere by ensuring that everyone is motivated to give 100%External standards may include: Being professional, courteous and treating customers with respect Showing empathy and ensuring customers feel understoodCreate unconditional loyalty by ensuring memorable experiences that will result in having customers feel the need to return.

MN Identify market segmentsMN Identify potential safety issues MN Identify potential security issues

Identify project benefit and costs. Do costs outweigh benefit derived from it, i.e. is increase in revenue greater than increase in costs Typical benefits: cost saving, better training, more flexibility, better quality, better performance, more efficiencies, better motivation/morale, reduced redundancies, better

communication and teamwork, reduced risks Take into account non-financial benefits (greater customer service, better reputation, etc.) and costs (opportunity cost, etc.)

ON Identify risks associated with obtaining business credit SP Identify the basic torts relating to business enterprises

Identify the basic torts relating to business enterprises (BL:069) (SP) SP Identify the factors that impact governance structures CS Identify the impact of small business/entrepreneurship on market economies

Small business is big in Canada: 98.2% of all businesses have fewer than 100 employees. When you add in medium-sized businesses (100 to 499 employees), the percentage rises to 99.8%. They are the engine of the economy and their success is vital to Canada’s prosperity.




Here are 10 things you probably didn’t know about small and medium-sized enterprises (SMEs) and their impact on Canada’s economy. There are almost 1.1 million SMEs in Canada. More than half (55%) have fewer than 4 employees. Only 1.6% are medium-sized businesses. Small businesses employed almost 69.7% of private sector workers in 2012, or 7.7 million people across the country. In the 2002 to 2012 period, small businesses were responsible for 77.7% of all jobs created in the private sector. Small businesses created around 100,000 jobs each year on average. SMEs represent 54.2% of the economic output produced by the business sector (in 2005). 90% of exporting companies have fewer than 100 employees, but produce 25% of the total value of Canadian exports. The largest number of SMEs are in the wholesale trade and retail sector (18.8%). Fewer than one out of four Canadian SMEs invest in research and development (R&D). Only half of new firms (51%) survive their fifth year of operation.

SP Identify types of public-relations activitiesParticipants should address that public-relations is a means of communicating with the target market that is mutually beneficial and can include promotional materials that can lend itself to a strong public image. Public-relations activities may include helping the public to understand the company and its products/services. Participant’s suggested activities may vary.Some of the types of public relations activities that the participant might mention are: • Sponsorship and philanthropy of product, sports, cultural or charitable events• Awarding scholarships, and donations• Lobbying• Internal communication to employees through newsletters, posters, payroll stuffers, etc.• External communication to mass media and social media by using pamphlets, brochures, blogs, vlogs (video blogs), YouTube channels, etc.• Special Events – the use of a project, program, action or happening, generally involving public participation, to meet overall goals to obtain publicity or other exposure• creating news releases (an announcement that a company sends to the news media)Interpret financial statementsStudents should be evaluated on the concepts and principles involved in financial statement analysis Fundamental analysis that should be given are questions pertaining to profitability and repayment of debt Basically, the income statement shows how much money the company generated (revenue), how much it spent (expenses) and the difference between the two (profit) over a certain

time period. The income statement lets investors know how well the company’s business is performing - or, basically, whether or not the company is making money. Cost of goods sold is the expense most directly involved in creating revenue. It represents the costs of producing or purchasing the goods or services sold by the company. Companies with high gross margins will have a lot of money left over to spend on other business operations, such as R&D or marketing. So be on the lookout for downward trends in




the gross margin rate over time. This is a telltale sign of future problems facing the bottom line. When cost of goods sold rises rapidly, they are likely to lower gross profit margins - unless, of course, the company can pass these costs onto customers in the form of higher prices.

High operating margins can mean the company has effective control of costs, or that sales are increasing faster than operating costs. Operating profit also gives investors an opportunity to do profit-margin comparisons between companies that do not issue a separate disclosure of their cost of goods sold figures (which are needed to do gross margin analysis).

Operating profit measures how much cash the business throws off, and some consider it a more reliable measure of profitability since it is harder to manipulate with accounting tricks than net earnings.

When a company has a high profit margin, it usually means that it also has one or more advantages over its competition. Companies with high net profit margins have a bigger cushion to protect themselves during the hard times. Companies with low profit margins can get wiped out in a downturn. And companies with profit margins reflecting a competitive advantage are able to improve their market share during the hard times - leaving them even better positioned when things improve again.

A common profitability ratio is: Net Income Profit Margin = ----------------- Sales

SP Interpret statistical findings The purpose of analysing data is to obtain usable, useful information. To do this, it is important to determine WHAT we want analysed so that the correct data is collected. To find meaning in large amounts of data, data is grouped and summarized, and/or statistically analyzed (mean, median, mode, standards of deviation, frequency distributions, t-tests, regression, ANOVA, etc.)Interpretation is the process of attaching meaning to the collected information and determining the conclusions, significance, and implications of the findings. Patterns and relationships within the data are gleaned. The same data can be interpreted in different ways so to garner other interpretations discuss the data with stakeholders and consider the data from various perspectives. Think beyond the data but don’t stray too far. Focus on outlying data or data that seems to be the exception, as surprising, contradictory or puzzling data can lead to useful insights. Limitations must be disclosed with honesty.Students will reiterate the statistics they feel are pertinent in their analysis.

SU Interview job applicants MN Leverage business relationships SP Leverage personality types in business situations SU Maintain human resources records ON Make critical decisions regarding acceptance of bank cards CS Make decisions

Students may select any of the choices available. Ensure that students explain WHY they have selected the given alternative




Making a good informed decision is not that different to sitting on a jury – all reasonable doubt has to be removed before you can pass a verdict one way or the other. Thankfully, though, corporate decisions are seldom a matter of life or death!Don’t judge a book by its cover - You may be someone who’s big on first impressions when you meet people but you can’t let the same thought process influence your decision-making. If on first hearing an idea strikes you as a really good one, you may well be correct, but you mustn’t allow that first reaction to influence your ability to objectively weigh the cons as well as all the pros when they are presented.Do your homework - Just because no significant cons are presented it doesn’t mean they don’t exist, so get someone on to digging them up and evaluating them while you still have the time – discovering them after you’ve launched the deal doesn’t do you any favours. Insisting that this homework is conducted becomes doubly important if and when everyone is unanimously in favour of going ahead with the project. Nothing is perfect, so work hard at uncovering whatever hidden warts the thing might have and by removing them you’ll only make it better still.Avoid making decisions in isolation - Every decision has some degree of impact on your ability to adopt other future opportunities in what the experts call ‘the decision stream’. This one may be a ‘too good to miss’ opportunity but how will it affect other projects or priorities and, if now is not the best time to do it, what risks if any are there in putting the thing on hold for an agreed period of time? If you cannot manage this project in addition to another that’s waiting in the wings, which one gets the nod and why?Do everything you can to protect the downside - All wise investors go to great lengths to do this with their stock portfolios and when setting up a new business you should try to employ the same strategies. Give it time - If you have the time to use the ‘orchestrated procrastination’ approach then do so. Without getting into the ‘paralysis by analysis’ mode, doing more rather than less homework on a project is seldom a bad thing. While looking at it more deeply you may find better alternatives or the marketplace may change.Making smart informed decisions is why leaders get paid the big bucks. There is really no science to getting it right every time which is why (unfortunately) decision-making is not a process that can be programmed to come in ‘just in time’ across the board.

MN Monitor business's profitability SP Monitor internal records for business information

Proper inventory control is necessary to prevent loss. Inventory is an asset of the business that needs to be protected. Internal records provide the history of the business which helps to predict and plan for the future. Information is the foundation of control The emails and phone calls should be monitored. The results should be communicated to the employees that are not adhering to the policy and their managers. Employees that are not

following the policy should be disciplined. This would entail being warned verbally once, written up at the second offense, suspended without pay at the third and fired at the fourth offense. This process may vary based on how the employees deal with these steps.

Employees that adhere to the new policy should be acknowledged. This is a company that makes money by dealing with secure credit card information. All of the internal records (beyond emails and phone calls) should be monitored on a continual




basis.MN Monitor progress in achieving organizational goals MN Negotiate lease or purchase of facility MN Negotiate service and maintenance contractsSP Negotiate terms with vendors in business ON Obtain insurance coverage CS Participate in problem-solving groups SP Persuade others

Is the student convincing Are they able to back up their decision with facts from the case Convincing – do presenters believe their own role Consistent ideas

MN Plan product mixIn the case of a newly established, independently owned, fast food restaurant, the owner has already decided on the main categories of the product mix. Our job is to suggest the specific items. The main thing to keep in mind is that we are not selling a variety of different items, but rather a selection and collection of items that reinforce the image of healthy eating. Even the items we list on our menu can include terms like “low fat”, “diet”, “low calorie”, etc. The image is very important (we want to sell the sizzle, not the steak). The conditions established by the owner are to help reduce food waste. The general food categories have already been provided (fast, fresh sandwiches and soups, low-fat alternatives, some sides and beverages). Most of the customers would likely be people with average to higher incomes that have the ability as well as the desire to pay a little more in order to get what they want. This suggests we should try and get more “upscale” items. This is more likely with the soups. An example would be to have something like “Butternut Squash with Cinnamon”, instead of something that sounds plainer.

MN Prepare cash flow statementsCalculate the amount of cash in, cash out and balance based on the transactions providedValues listed in the judge’s instructions

MN Prepare complex written reports SU Recognize/reward others for their efforts and contributions

Develop a comprehensive plan for recognizing contribution so there is consistency Be clear about the behaviours that are desired and be prepared to reward them Provide a small monetary thank you if possible




Offer flexibility Be genuinely, and specifically thankful Create a fun tradition Provide a status symbol Provide meaning to support the effort/contribution

SP Recognize/Reward others for their efforts and contributions.Every employee working at your workplace – from a simple technician to a richly experienced manager expects you to recognize his/her work and appreciate the efforts he/she puts in day after day for the success of your business. Employee recognition and rewarding is a process through which employers or business owners make a conscious effort to reward and award your employees not just to acknowledge their work but also to motivate them to continue with the same passion.Employee recognition is the acknowledgment of an employee’s efforts, hard work and behavior at the workplace that have contributed to the organization’s success and objectives in some way. Both things are very important: recognizing and acknowledging these efforts, as well as rewarding employees for their fruitful efforts. Here are some ways in which you as an employer or business owner can recognize the efforts of your workplace and reward them accordingly:Day-to-day recognition – It is important to motivate and encourage employees to perform well on an everyday basis and not just on a periodic level. For example, small words of praise, little words of encouragement and constant motivation are highly important to make your employees feel encouraged for their efforts and to maintain a positive flow of the workplace environment.Informal recognition – Informal recognition is the kind of recognition which includes gestures of encouragement and appreciation. A pat on the back or a word of praise in front of the team can go a long way in boosting the morale of the employees.Formal recognition – Formal recognition is usually in the form of rewards for service, contribution, and achievements. These recognition forms also include events held for the celebration of achievements. Formal recognition often has some legal and policy requirements.Some forms of rewards are recognition (a plaque, certificate, company newsletter etc), promotion, a gift, or cash incentives which might include profit sharing.

SU Screen job applications/résumés MN Select and apply metrics for measuring organizational success SU Select and hire new employees MN Select channels of distribution

A channel of distribution is the road that a product or service takes from production to end user. Products and services may use direct or indirect distribution channels to arrive to a customer.

Direct distribution is when the producer sells the product to the end user. Indirect distribution involves one or more intermediaries who aid in moving the product from producer to end user such as wholesalers, retailers, importers, jobbers, retail outlets. Factors such as whether it is a consumer or industrial product, the cost and size of the product, or the uniqueness of the product, affect what channel of distribution is selected.




ON Select form of business ownership ON Select sources to finance venture creation/start-up

Sources of financing include: self (credit cards, savings, investments), friends/family, venture capitalists, crowdfunding, charter or secondary banks and credit unions, angel investors.The selection of a source of financing depends on the amount required, how much outside experience the venture needs, how open the entrepreneur is to sharing decision-making and profits, whether any sales have been proven to date, whether there are assets to pledge as collateral, what the cost of borrowing is and duration of the loan, how much of the company costs are fixed vs variable, and what the long-term market expectations are. Debt vs equity financing – debt is borrowing money and paying interest; equity is ownership in the business, having a say in its operations, and a claim against earnings. Generally, the more risky the venture, the more heavily equity financed it will be because it can pay dividends when money is available.Students should discuss and select their source of financing.

MN Select target marketSP Select vendors

Set your criteria. ... Define your process. ... Call for bids. ... Evaluate the bid submissions. ... Monitor the supplier performance.Vendors/suppliers must provide: Reliability Provide quality Value for money (strike between cost, reliability, quality and service) Strong service and clear communication Financial security (check their credit to ensure they won’t go out of business) A partnership approach - You want your suppliers to acknowledge how important your business is to them, so they make every effort to provide the best service possible. And you're

more likely to create this response by showing your supplier how important they are to your business.You can find suppliers through a variety of channels: Recommendations - ask friends and business acquaintances Directories Trade associations Business advisors




Exhibitions Trade pressMake sure you know what you need. Don't be tempted by sales pitches that don't match your requirements. Understand the difference to your business between a strategic supplier, who

provides goods or services that are essential to your business - such as high-value raw materials - and non-strategic suppliers who provide low-value supplies such as office stationery. You will need to spend much more time selecting and managing the former group than the latter.

Spend time on research Ask around Credit check potential suppliers Price isn't everything - reliability and speed, for example Agree on service levels before you start Don't buy from too many suppliers - it will be easier for you to manage - and probably more cost-effective - if you limit the number of sources you buy from. This is particularly the

case with low value-added suppliers. ...but don't have just a single supplier – so you have an alternative supply source ready to help in difficult times

SP Sell ideas to others Selling an idea involves showing others how your idea will make the “after” better than the “now”. To do this, one must be short and crisp without extra verbiage and you must appeal to the person explaining why the idea has value to that person.Decision makers aren’t really interested in your idea—at least not on its surface. They’re really interested in its underlying value and what it can do for them and the end userListen to the end users, clients and managers as we begin developing ideas—but it also pays to carefully listen to decision makers before and during the idea presentation.Know your business and your productKnow the overall plan, but don’t get bogged down in too many details.Believe in the plan and you can sell it.

MN Set marketing goals and objectives Need a clear understanding of the purpose. What is to be accomplished. Must know what the measurable results will be. For example, the program will increase sales by 10%. Most important is being able to measure the results. In other words, if sales do increase, how do we know it was because of our marketing program and not some other factor?

MN Share best practices with key individuals and groupsMN Spot problems in/issues with financial statementsSU Supervise staffMN Track performance of business plan




SU Train staff MN Translate performance measures into financial outcomesSP Translate research findings into actionable business recommendations

MN Use budgets to control operationsON Use components of business plan to define venture idea ON Use creative problem-solving in business activities/decisions

Problem solving can be a rational or intuitive process. Regardless, there are six standard steps in getting from the problem to the solution: Identify the problem (the cause, not the symptoms) Search for alternatives (this step is the creative part – outside the box, brainstorm and record even the most offbeat solutions because there can often be the kernel of a unique,

differentiating solution; inside the box, ask what additional information is needed, what has been tried in the past) Weigh/assess the alternatives and consequences (the impact on the organization, effect on public relations, impact on employees, cost, legalities, ethics) Make a choice Implement the choice Evaluate the results, and if necessary, begin againStudents may know of methods of spurring creative thinking: SWOT – Strengths, Weaknesses, Opportunities, Threats – assess the business within the economy PEST – Political, Economic, Social, Technological – how these factors affect the business Porter’s five forces – Supplier Power, Buyer Power, Competitive Rivalry, Threat of New Entrants, Threat of Substitute products – assessing a business’s attractiveness and its likely

profitability De Bono’s Lateral Thinking – Approaching a problem from an outside perspective (e.g. an engineer’s take on the mechanisms of the body) Van Oech’s Whack on the Side of the Head – apply unrelated objects and metaphors to your situation to foster unique alternatives to your problem Reframing – looking at your problem as an opportunity instead Mind Mapping – seeing the aspects of a problem and solution and how these ideas interconnect Pursuing Insight – loading up on information and alternatives then allowing time for the subconscious to let ideas and solutions formulate Creative Flow – being “in the zone” artistically where there’s freedom to become fully absorbed in the creative process

ON Use external resources to supplement entrepreneur's expertiseSP Use time-management skills ON Verify the accuracy of business financial records




MN Write proposals

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