Budgeting Guide - Business Studies

Last week on Friday we have been making a Budgeting Guide, it was mainly to help other people learn about budgeting techniques and key things that they should always keep in mind when budgeting or even buying items or products. This was required to be made differently so I decided to use Canva to make it more creative.

CREDIT: Canva.com

Link to Infographic for better quality: Budget Guide

Budgeting Crossword - Business Studies

Last week for Business Studies, we've been learning about Budgeting and what it means. After learning a few basics about budgeting, we had to complete a job which covered words like Budget, Surplus, Deficit, Spend, Savings, Wants, Needs, Income, Finance, Price, Fees and Necessity.

There were two tasks to choose from, create a budgeting crossword and make a Budgeting Language dictionary. I chose to create a budgeting crossword where the evidence is above the definitions & explanation of the budgeting words.

Reflection:

In my opinion, I did a decent job in making the crossword, the crossword can teach people new words and new facts and information about budgeting and the definition of the words themselves. While making this crossword I learnt a few new words myself and a definition of them and I get a clear idea on what the word actually define and the process of budgeting.

Credit:

• Google Dictionary
• Collins English Dictionary

Crossword

When you hear about Budgeting, how would you define it in your own words or sentences?

The Marketing Mix - Promotions

So this is the last post on The Marketing Mix, this blog post will be about Promotions and getting our store more known. Promotions is the process of communicating with the target market and persuading them to buy what you are selling. This includes:

• TV adverts
• use of billboards
• social media activity
• influencers
• online video and banner adverts
• email advertisements
• sponsorship deals
• discounts and special offers
• branding

Our precise targets are students, staff members or even other adults at Hornby High School community who basically like eating a lot of different food and like drinking a lot as well, our main strategy was to get our store more known by advertising it on TV or put posters around the area so that when people walk past they would notice it and hopefully be interested in the edible products we are making. We made so the price for our products are decent and reasonable, if that it can also make customers happy about the price and come and buy some products from us.

Our possible strategy to sell our product will be to set our store up near the Learning Commons since a lot of people walk past the shop and might be able to notice it so the chances are high that people will buy our products. This will be great and a good way to earn profit by selling all our products, due to where we will be putting up our stand there will be a lot of people so the chances will be great to make a big profit.    

The Marketing Mix - Place

We are now on the third part of the blog where we are now doing Place, we are still continuing with the Marketing Mix and half way to finishing all the blogs. Places are the use of business distribution channels where they get their product from the manufacturer to consumer, simply just an appropriate setting in order to sell the products to. This can include:

• a retail store
• an online store or app
• directly from the manufacturer

Again we had to answer questions focused on Places and a few things to know where to sell your products so that it is more visible to the customers or consumers.

I will be using a space where customers can see the shop and have a clear vision of our store, I want a shady area where people can wait patiently while we do the cooking and we don't want the customers to stand in the sun for too long waiting for us to serve them. 

I want our store to be close to a building which is closely meaning by a corner, but I also want that pedestrians can see the shop and not blocked out so we made a big poster so people can read it from a medium distance. People or consumers who walk past will be also our entrance so people can see the product on the table and maybe be interested in the product we are selling. 

My competition will be people who are selling products that's edible and are attracting consumers who have sweet tooth or just like eating sweets quite often, but it wouldn't be quite a competition. It's probably about who we attract, or whether our customers will be satisfied with the quality of my group's product. 

The Marketing Mix - Price

In Business Studies, we have been continuing with the Marketing Mix so we have moved on to the Price. We have already finished the first blog which was Products, Price are business charges that customers for the products or the services. Companies are different from most of each other but the charges may be the same, just the price that will be different. So companies use different strategies to work out the price, some things that can influence price, however, are:

• Competition
• Customer opinions
• Brand image
• Availability

Just like our recent post on Marketing Mix, we had to answer questions focused mainly on the Price and also relating to the products we will sell on Market Day.

One of the questions listed was the price for our product and basically how the charges work, I thought to make the price reasonable and sensible, not too expensive or not too cheap. There was a big span of prices but we had to think about our customers and keep them happy with the price so I chose to go with $250, I showed my group and check if they agree with my decision. Once they were all happy with the price and thought that it was cost-effective for the product. We also made it that if they want two of the same product we chose to raise the charge by 50c, of course, there will be a drink we will also sell around $3.50 which is good and could gain potential profit if the day will be very hot and need a cool down.

My company will do their best to make a good profit and make sure that the products we serve to the customers are even so it will be worth their money, if there is a problem on the short resource we will reduce the price down so that it can be acceptable.

What price are others (B&E group/real world business) charging for the same good (use a table to show this)?

Business	Quantity	Price
DeliJelly	Normal	$2.50 $3.00
Cookie Town	Small & Large	Small:$2.00 Large:$1.00

The Marketing Mix - Product

Today in Business Studies we have been focusing on Marketing Mix, this will help us recap and tell what we are selling on Market day. We are gonna make a cultural related food that we New Zealanders don't eat daily, so the Marketing Mix we have to do 4 blog posts about Product, Price, Place, Promotion.

We are making Churros & Apple Juice, this will be mainly focused on cultural and Environmental but using reusable cups to put the drink in and reducing the waste of paper or styrofoam cups. The quality of the products we are making have good ratings, this makes it a little more known meaning more people might like the taste of it. The size of the normal churros is approximately 4 inches which are equal to roughly 10 centimetres. It is quite a good size for the product the shape of it also might be a bit bent. We will be serving these products on small tissue paper so they can hold it without getting their hands sticky and etc. I only have a few ingredients for the Churros which are, Butter, Salt, Flour, Vegetable Oil, Eggs & Sugar. For the Apple Juice are Apples, Sugar & a pinch of salt. These products were chosen to be different and let people try things they never usually eat.