MNE3701 Assignment 4
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 11
October 2024
100% GUARANTEEED
, MNE3701 Assignment 4 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 11 October 2024
Having acquired sufficient knowledge and skills on
financial management for small business, you must
demonstrate practical competencies in constructing
financial statements and in conducting feasible financial
forecasting. As a new entrepreneur understanding
financial management and accounting, forms an integral
part of running your small business. In addition, you
should also be able to forecast the financial outcomes
that could result from your decision. The projections of
business’s profits, its assets and financial requirements,
and its cash flows are essential in determining whether
your business is economically viable. Having acquired
sufficient knowledge and skills on entrepreneurship and
small business management, you must demonstrate
practical competencies in applying a pricing system and
promotional planning. Think of any business you would
like to start and answer the following questions:
QUESTION 1 By using practical examples, critically
discuss how you would applying a pricing system in your
business. (10)
To answer Question 1, you need to consider how you would set prices for the products or
services in your business, taking into account various factors that influence pricing. Below is a
critical discussion of how to apply a pricing system, using practical examples:
Pricing System for a Small Business: Critical Discussion
1. Understanding Cost Structures
In any business, understanding the cost of producing goods or delivering services is critical to
setting the base price. For example, if you are starting a bakery, your costs would include
ingredients, rent, utilities, labor, and equipment. You must determine the cost per unit (e.g., cost
to produce one loaf of bread), which will form the foundation for your pricing.
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 11
October 2024
100% GUARANTEEED
, MNE3701 Assignment 4 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 11 October 2024
Having acquired sufficient knowledge and skills on
financial management for small business, you must
demonstrate practical competencies in constructing
financial statements and in conducting feasible financial
forecasting. As a new entrepreneur understanding
financial management and accounting, forms an integral
part of running your small business. In addition, you
should also be able to forecast the financial outcomes
that could result from your decision. The projections of
business’s profits, its assets and financial requirements,
and its cash flows are essential in determining whether
your business is economically viable. Having acquired
sufficient knowledge and skills on entrepreneurship and
small business management, you must demonstrate
practical competencies in applying a pricing system and
promotional planning. Think of any business you would
like to start and answer the following questions:
QUESTION 1 By using practical examples, critically
discuss how you would applying a pricing system in your
business. (10)
To answer Question 1, you need to consider how you would set prices for the products or
services in your business, taking into account various factors that influence pricing. Below is a
critical discussion of how to apply a pricing system, using practical examples:
Pricing System for a Small Business: Critical Discussion
1. Understanding Cost Structures
In any business, understanding the cost of producing goods or delivering services is critical to
setting the base price. For example, if you are starting a bakery, your costs would include
ingredients, rent, utilities, labor, and equipment. You must determine the cost per unit (e.g., cost
to produce one loaf of bread), which will form the foundation for your pricing.
