What Is The Most Appropriate Method For The Business You Have Chosen To Increase Its Profit

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CONTROLLED ASSESSMENT TASK SHEET

What is the most appropriate method for the business you have chosen to increase its profits?

You could:
• investigate a business which provides a good or a service
• use primary research to briefly outline the current methods this business uses to ensure it is profitable
• use primary and/or secondary research to identify 2–3 other appropriate methods this business could use to increase its profits
• present useful information/data to support the points you are making
• analyse these different methods this business could use to increase its profit
• make supported recommendations for how this business might increase its profit
• using your analysis, arrive at a supported judgement that states the most appropriate method by which this business can increase its profits.

What is the most appropriate method for the business you have chosen to increase its profits?

You could:
• investigate a business which provides a good or a service
• use primary research to briefly outline the current methods this business uses to ensure it is profitable
• use primary and/or secondary research to identify 2–3 other appropriate methods this business could use to increase its profits
• present useful information/data to support the points you are making
• analyse these different methods this business could use to increase its profit
• make supported recommendations for how this business might increase its profit
• using your analysis, arrive at a supported judgement that states the most appropriate method by which this business can increase its profits.

Just as in the dummy run you had to choose a small, local business you must do the same for your actual controlled assessment. You may choose to use the same business, but after fully understanding what the task requires you may decide to change your mind.

Suggested Structure

Introduction * What does the business do/provide? * Background to the business

Current methods it uses to ensure it is profitable (you could choose from some of the methods below) * Sell a wide range of goods and services to meet customer needs (website, primary research, in store photos, catalogues, brochures) * Set prices which are affordable/suitable for their target market (price lists, primary research) * Control internal costs e.g. labour, materials, utility bills (primary research) * Delay payments to suppliers but ensure prompt payment from customers * Try to increase average transaction value i.e. encouraging customers to spend more money. (merchandising photos, store layout) * Locate in a popular/busy area (map, observation)

How do the methods ensure that the business is profitable? (Analysis)

Identify 2-3 methods it could use to increase its profit * Cutting costs: * materials * labour * investment * marketing

* Increasing revenue * sell more * increase selling price * improved marketing * better products

How would your chosen 2-3 methods increase profit?
Why might they not increase the profit?
What would the extent to which they increase profit depend upon?

Which is the best way to improve profit?
Why is this the best way?

RESEARCH CHECKLIST Research Method | Activity | Research that needs to be collected and included in your research folder | Done? | Interviewing the business’s owner or manager | Ask the owner / manager questions (at least 5), the questions need to establish how they currently ensure they are profitable, how they feel they could improve their profitability | A written record of the questions you asked and the responses given by the owner /
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