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Evidence of Sources
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This document should be downloaded together with CAT PAT phase two.
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Evidence Rachel JonesEvidence of Answers:
Source 1.1:
Interview recording:
Notes from interview:
Some business ventures:
• Restaurant business 15 years
• Property
• Stock market
Learnt:
• Running a business is not that simple there are many factors involved
Questions:
1.1) should you grow in line with your competitors?
• Yes, but you should always try to be better.
• Have good marketing strategies.
• Meetings with your staff.
• Find ways to improve service and products.
1.5) should you keep track of your stock?
• Yes, very important.
• No off stock.
• Know what to order.
• The quality is good.
Source 1.2:
Summary of article (Competitive Pricing Strategy):
NB ADD CITATIONS HERE
Successful and reasoned pricing is essential for a business. Businesses can set prices
to maximize profitability on individual items or on the overall market share. Businesses
must set a price lower than competitors to stop them from entering the market, or to
higher its market share, or simply to compete and stay in the market.
The consumer first notices the price of a product and is one of the deciding factors
when deciding to buy it or not. The competition in the market has become increasingly
more aggressive. Therefore businesses have to always be aware of their prices in order
to attract customers. This means that you have to not only compete with your
competitor's prices, but you must also compete with their quality and service.
1
Computer Applications Technology: Practical Assessment Task: Phase 2: Task 1.
, Evidence Rachel Jones
When businesses want to use competition based pricing strategy, the purchasing
behavior of customers is important to consider. In order to successfully use this strategy
you need to have knowledge on the market and the target audience.
Screenshot of website:
Source 1.3:
Summary of book (Money Success and you)
How you decide to view a situation, is how it will turn out. If you view the world as unfair,
it will be. You have to change your beliefs to positive ones. Knowing what you want in
life is not enough, you need to add desire to that, desire turns your thoughts into reality.
You need Passion and enthusiasm to succeed, without it there will be no purpose to
what you are trying to achieve and you will give up halfway through. Enthusiasm brings
inspiration.
Opportunities are everywhere, you just need to be aware of them. 80% of North
Americans are working for a job they do not like, you need to find your passion. When
you study why people are successful, it is directly linked to something they enjoy. Do
what you love, the money will follow. Be aware of the choices you make each day.
The three winning strategies are:
2
Computer Applications Technology: Practical Assessment Task: Phase 2: Task 1.
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