Introduction to Entrepreneurship and Small Business Management (MNE3701)
Exam (elaborations)
MNE3701 Assignment 4 Semester 2 - DUE 11 October 2024
2 views 0 purchase
Module
Introduction to Entrepreneurship and Small Business Management (MNE3701)
Institution
University Of South Africa
Book
Entrepreneurship and Small Business
MNE3701 Assignment 4 (QUESTIONS & ANSWERS) Semester 2 2024 - DUE 11 October 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
Having acquired sufficient knowledge and skills on financial ...
MNE3701 Assignment 6 Semester 2 Due 8 November 2024
MNE3701 Assignment 5 Semester 2 Due 25 October 2024
MNE2601 Assignment 4 (ANSWERS) Semester 2 2024 - DUE 26 October 2024
All for this textbook (13)
Written for
University of South Africa
Introduction to Entrepreneurship and Small Business Management (MNE3701)
All documents for this subject (16)
Seller
Follow
LIBRARYpro
Reviews received
Content preview
MNE3701
ASSIGNMENT 4 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 11 OCTOBER 2024
, MNE3701
Assignment 4 Semester 2 2024
Unique Number:
Due Date: 11 October 2024
Entrepreneurship and Small Business Management
Question 1
Applying a Pricing System in a Bakery Business
Introduction
Setting the right prices for products is one of the most critical decisions for any small
business, especially in a competitive industry like baking. Pricing not only impacts sales
and profitability but also shapes customers’ perceptions of quality and value. For a new
bakery, effectively implementing a pricing system is essential for attracting customers
while ensuring financial viability. This essay explores various strategies for applying a
pricing system in a bakery, including understanding costs, competitor analysis, value-
based pricing, promotional pricing, psychological pricing, adjusting prices based on
feedback, and seasonal pricing.
Body
Understanding Costs
The foundation of a solid pricing strategy begins with understanding the costs
associated with running the bakery. Costs can be categorized into direct and indirect
expenses. Direct costs include ingredients such as flour, sugar, and eggs, while indirect
costs encompass rent, utilities, and labor. For instance, if the weekly expenses total
$500, including $200 for ingredients and $300 for rent, this figure will serve as a
baseline for determining pricing. A comprehensive understanding of these costs
ensures that the bakery can cover its expenses and still generate profit.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LIBRARYpro. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.14. You're not tied to anything after your purchase.
