Use

d X Performance indicators for FTDM

Adapt communication to the cultural and social differences among clientsParticipants should explain that communication is the process of exchanging messages between a sender and a receiver. They should identify that one must be an effective communicator, in terms of both sending and receiving messages, to be successful in adapting communication to the cultural and social differences among clients. Some of the areas of communication that the participant should identify are:

effective listening skills – this allows a person to identify the purpose of the speaker, give feedback, and evaluate the speaker’s message

barriers to communication – can be impeded by the distance and position from the speaker, or verbal impediment through the use of vague or unclear language

non-verbal cues – a person’s tone of voice, emphasis and body language are critical because they often communicate as much as (if not more than) the speaker’s actual words

Participants should identify that cultural and social differences occur among clients and the most successful way to adapt their communication to these differences is to ask questions, observe and listen for feedback. They should watch for non-verbal feedback and respond appropriately when given. They must alter their sales approach, as they should for all clients (no two clients are the same and the same sales approach will not work on everybody). Adaptability, thinking on their feet, creativity and responding to feedback are all tools that they should employ when communicating with clients. Analyze characteristics and benefits of financial products.

2 Analyze company resources to ascertain policies and proceduresA set of policies are principles, rules, and guidelines formulated or adopted by an organization to reach its long-term goals and typically published in a booklet or other form that is widely accessiblePolicies and procedures are designed to influence and determine all major decisions and actions, and all activities take place within the boundaries set by them. Procedures are the specific methods employed to express policies in action in day-to-day operations of the organization. Together, policies and procedures ensure that a point of view held by the governing body of an organization is translated into steps that result in an outcome compatible with that view

Does the student consider media policies? Is their plan realistic? Participant demonstrates and adheres to the following policies and procedures as

stipulated in the case study:o Customers can make special orders for an extra fee; and,o When signing an order form, customers are told that the delivery date can

fluctuate 7-10 business days Given these policies, the participant might acknowledge that the store should have

informed the customer (judge) immediately when the customer called to make the change of wedding date, as an act of good customer service

The participant may be innovative in devising solutions or new policies for the store

insofar as they do not contradict any of those already mentioned. Examples of such policies are:

o For deliveries that are late at the fault of the store, the customer may choose another item to be express delivered for their occasion

o Customer may pay an additional fee for express delivery on the existing ordero Customer may pick up the item directly from the wholesaler

2 Analyze current banking trends.4 Analyze economic factors that impact a business’s financial condition

Students should comment on how the business cycle and it’s stages (recovery, peak, recession, trough) are reflective of business

Students might comment on how inflation rates and interest rates affect the operating and spending patterns of business

Students might comment on the impact of unemployment rate on business

2 Analyze product information to identify product features and benefits Participants should use the facts from the case for each product line to identify how the proposed destination will benefit the multi-generation family. They should consider the types of activities provided teach destination and the appeal for people of various age groups. Solutions should specifically state how the chosen destination appeals to each generationParticipants should identify the destinations they believe would be most successful and least successful based on their analysis of features and benefits to each generation.Apply information to accomplish a task

Interpreting gathered data to provide to organization so that decisions may be made Understanding customer/client needs to make organization more successful Companies can decide on how to proceed; next steps introduce or discontinue

products etc Breaking down information so that it is easy to understand Deciding how to use the information and importance of results

Assess risk-return tradeoffs. 3 Assist clients with establishing financial goals.2 Calculate annual percentage rate4 Calculate financial ratios

Financial ratios are the most widely used tool of financial analysis. It can be expressed as a percent, rate, or proportion. The most common ratios used by lenders include:

Ratio Calculated What it means

Debt to equity The total funds provided by creditors vs. owners

Times interest earned

The extent to which a company can pay its interest costs

Current ratioThe extent to which a company can meet its short term obligations

Profit marginA measure of how much profit a company can generate with the amount of sales

Return on assetsA measure of how well the company can use its assets to generate profits

Return on equity

A measure of how much profit a company can generate with the amount of equity invested

Participants should demonstrate one or two ratios and describe a positive versus negative trend

Working Capital = current assets/current liabilities- Indicates if a firm has enough short-term assets to cover its immediate liabilities- If the ratio is less than one then they have negative working capital- A high working capital ratio isn't always a good thing, it could indicate that they have

too much inventory or they are not investing their excess cash

Liquidity Ratio – this is also known as the “Acid Test” or “Quick” RatioLiquidity = Cash + Accounts Receivable + any short term investments/current

liabilities

- A stringent test that indicates whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory. The acid-test ratio is far more strenuous than the working capital ratio, primarily because the working capital ratio allows for the inclusion of inventory assets

- A ratio between 1.5 and 2 is generally considered to be desirable- *Tangible net worth = total assets – liabilities – intangible assets(copyrights, patents and

intellectual property) - tangible net worth represents the amount of physical assets a company has net of its

liabilities. Thus, it represents the supposed liquidation proceeds a company would fetch if its operations were to cease immediately and the firm was sold off

- Rarely should your business's total liabilities exceed its tangible net worth (therefore a ratio not much greater than 1 is acceptable). If it does, creditors assume more risk than stockholders. A business handicapped with heavy interest charges will likely lose out to its better financed competitors

Net Income to Net Sales (also called “Profit Margin”)Net Income/Net Sales- This is an indication of what percentage of sales are actually kept after all

expenses are paid- The higher the profit margin, the better for the business. This is a good way to

tell if disposable income is growing or shrinking from year to year

2 Calculate net sales.2 Calculate the rates of return on financial investment products.

Communicate clearly and show evidence of collaboration Did each participant contribute equally to the discussion?

Did each participant contribute equally while answering questions?5 Conduct a break even analysis

The break-even point for a product is the point where total revenue received equals the total costs associated with the sale of the product (TR=TC)

Break even analysis can also be used to analyze the potential profitability of an expenditure in a sales-based business

In using break even analysis, it is important to remember the problem associated with sensitivity analysis:

Variables are often interdependent, which makes examining them each individually unrealistic

Often the assumptions upon which the analysis is based are made by using past experience / data which may not hold in the future

Variables have been adjusted one by one; however it is unlikely that in the life of the project only one variable will change until reaching the break even point

Management decisions made by observing the behavior of only one variable are most likely to be invalid

Break even analysis is a pessimistic approach by essence The figures shall be used only as a line of defense in the project analysis

In this example, the Break-even point is 24 packagesUnit Sales x N = (VC x N) + FC$127 x N = 50 x N + 1800N = 24

4 Conduct a client conference Students should enter the meeting in their roles and with a clear outcome in mind – to

convince the judge that their recommendation is sound Students could outline an agenda but at the very least should itemize their plan as they

go along Students should be mindful of the time limit and finish their recommendation in time

for your feedback Students should make a confident recommendation and answers questions respectfully

Conduct a staff meetingCoordinate activities in the promotional mix

The four elements of the promotional mix are: advertising, sales promotion, publicity, and personal selling. All elements used should be coordinated to achieve the company’s goals. All initiatives should be coordinated to target the identified markets, clearly communicate the same underlying message.

Advertising includes any paid presentation and promotion of ideas, goods, or services by an identified sponsor (Ex. Print ads, radio, television, billboards etc) Place advertisements that would appear locally promoting the award-winning coffee in newspapers, direct mail, posters/billboards Recognize that TV ads would be created for national chain by the national chain itself

Sales promotions Incentives designed to stimulate the purchase or sale of a product (Ex. Coupons, sweepstakes, contests, rebates etc. Offer sample coffee taste cups at popular local events and venues) . Sales promotion includes media and non-media marketing communication in order to increase consumer demand, stimulate market demand or improve product availability

Public relations includes paid intimate stimulation of supply for a product, service or business unit by planting significant news about it or a favourable presentation in the media and sometimes include direct marketing and sponsorship Contact newspapers and radio stations to come review or feature the restaurant or Sponsor local events

Personal Selling is a process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation (Ex. Sales presentations, sales meetings, sales training) Each waiter should up sell by recommending products, especially our award-winning coffee

Participants should describe a variety of creative ideas that address all areas of concern.2 Coordinate distribution with other marketing activities

Brands carry out online and offline advertising on behalf of channel partners to aid them in generating sales of their branded products. Those online and offline marketing initiatives can either be isolated or coordinated to inform one another.An example of this is an apple orchard: Apple orchard > Transport > Processing factory > Packaging > Final product to be sold > Apple pie eaten Apples are not advertised as much in winter and spring. They are harvested in Fall. An alternative term is distribution channel or 'route-to-market'. It is a 'path' or 'pipeline' through which goods and services flow in one direction (from vendor to the consumer), and the payments generated by them flow in the opposite direction (from consumer to the vendor). A marketing channel can be as short as being direct from the vendor to the consumer or may include several inter-connected (usually independent but mutually dependent) intermediaries such as wholesalers, distributors, agents, retailers. Each intermediary receives the item at one pricing point and moves it to the next higher pricing point until it reaches the final buyer.Marketing Channels can be long term or short term.Short term channels are influenced by market factors such as: business users, geographically concentrated, extensive technical knowledge and regular servicing required, and large orders. Short term product are influenced by factors such as: perishable, complex, and expensive. Short term producer factors include whether the manufacturer has adequate resources to perform channel functions, Broad product line, and channel control is important. Short term competitive factors include: manufacturing feels satisfied with marketing intermediaries' performance in promoting products.Long term market factors include consumers, geographically dispersed, little technical knowledge and regular servicing is not required, and small orders. Product factors for long term marketing channels are: durable, standardized, and inexpensive. Producer factors are manufacturer lacks adequate resources to perform channel functions, limited product line, and channel control not important. The competitive factors are: manufacturer feels dissatisfied with marketing intermediaries' performance in promoting productsCreate a presentation software package to support a sales presentationCreate promotional signs

2 Decide how to raise funds for a business9 Defend ideas objectively

Support ideas with facts Leave opinion and emotion out Be conscious of tone of voice

The company must answer complaints quickly and to the customer’s satisfactionThe participant may indicate defending ideas objectively:

Supporting their ideas and answers with facts and business terminology Answer questions effectively and in detail.

3 Demonstrate a customer service mindsetA service mindset is an outlook that focuses on creating customer value, loyalty and trust. A business with this outlook wants to go beyond simply providing a product or service. It wants to create a positive and indelible imprint in the customer's, or even in the prospect's mind. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it Listen carefully to the customer’s complaint and acknowledge that you are there to help

—in this case that the business meeting has been disrupted Explain that you appreciate and value the business that the customer has given you and

that you would like the relationship to continue Provide customer surveys to get feedback from the customers. This could be done by a

card with the bill, a website address or a phone call to important customers. There could be an incentive such as a discount or free dessert if they fill out the survey

Use interpersonal skills to handle customer requests and questions, Understand management’s role in customer relations, understand procedures for handling difficult customers, explain business policies to customers and handle customer complaints.

you should view negative customer interactions as opportunities to learn even more about the customers’ needs and expectations

Demonstrate budgeting applications Budgeting is very important and begins with goals Projected number of sales should be used at the given selling price The cost of goods sold should be used for the projected number of sales Net income should be after taxes.

Demonstrate customer serviceA service mindset is an outlook that focuses on creating customer value, loyalty and trust. A business with this outlook wants to go beyond simply providing a product or service. It wants to create a positive and indelible imprint in the customer's, or even in the prospect's mind. To do this, a business has to care about the customer or prospect experience and work continuously at enhancing it Listen carefully to the customer’s complaint and acknowledge that you are there to help

—in this case that the business meeting has been disrupted Explain that you appreciate and value the business that the customer has given you and

that you would like the relationship to continue Provide customer surveys to get feedback from the customers. This could be done by a

card with the bill, a website address or a phone call to important customers. There could be an incentive such as a discount or free dessert if they fill out the survey

Use interpersonal skills to handle customer requests and questions, Understand management’s role in customer relations, understand procedures for handling difficult customers, explain business policies to customers and handle customer complaints.

You should view negative customer interactions as opportunities to learn even more about the customers’ needs and expectations

Demonstrate financial analysis applications

Financial analysis calculations should be performed that would indicate this flip-flop business is doing well. ROI (return on investment) should be the net income /investment. Note that taxes have not yet been consideredROI = $6300/$1000 = 63% or ROI = $5300/$1000 = 53% Both of these are excellent returnsOther potential analysis could include:Return on sales = $6300/10,000 = .63 (63 cents of every dollar of sales is profit)or “ “ “ = $5300/10,000 = .53 (53 cents of every dollar of sales is profit)Both are excellent returnsGross margin = $7,500/$10,000 = .75Contribution margin = selling price – variable cost = $10 - $2.50 = $7.50

Demonstrate problem-solving skillsIdentify the issues

Be clear about what the problem is. Remember that different people might have different views of what the issues are. Separate the listing of issues from the identification of interests (that's the next step!).

Understand everyone's interests This is a critical step that is usually missing. Interests are the needs that you want satisfied by any given solution. We often ignore

our true interests as we become attached to one particular solution. The best solution is the one that satisfies everyone's interests. This is the time for active listening. Put down your differences for awhile and listen

to each other with the intention to understand. Separate the naming of interests from the listing of solutions.

List the possible solutions (options) This is the time to do some brainstorming. There may be lots of room for creativity. Separate the listing of options from the evaluation of the options.

Evaluate the options What are the pluses and minuses? Honestly! Separate the evaluation of options from the selection of options.

Select an option or options What's the best option, in the balance? Is there a way to "bundle" a number of options together for a more satisfactory

solution? Document the agreement(s)

Don't rely on memory. Writing it down will help you think through all the details and implications.

Agree on contingencies, monitoring, and evaluation Conditions may change. Make contingency agreements about foreseeable future

circumstances (If-then!). How will you monitor compliance and follow-through? Create opportunities to evaluate the agreements and their implementation. ("Let's try

it this way for three months and then look at it.") Effective problem solving does take some time and attention more of the latter than the former. But less time and attention than is required by a problem not well solved. What it really takes is a willingness to slow down. A problem is like a curve in the road. Take it

right and you'll find yourself in good shape for the straightaway that follows. Take it too fast and you may not be in as good shape. Working through this process is not always a strictly linear exercise. You may have to cycle back to an earlier step. For example, if you're having trouble selecting an option, you may have to go back to thinking about the interests.

4 Demonstrate the wise use of creditCredit is a way to receive cash or goods now and pay later, most commonly by a credit card or a loan. The participant should demonstrate knowledge of the importance of using credit responsibly by discussing the following: Can the buyer afford the item in the first place Would it be better to use savings instead of credit? Should the purchase be put off until a later date? Do the benefits of purchasing now on credit outweigh the costs, including fees and

interest charges?Using credit wisely can build a better credit history allowing you better interest rates as well as a better image with lenders. It is important to avoid the temptation to buy more than you can afford, especially when purchasing a new vehicle where most often they are bought on credit. Failing to repay a loan can ruin your credit history and could lead to losing income, property or the car itself in the process

2 Describe current business trendsThere are many correct answers to this question. Examples could include:

Economic recession Credit crisis Companies focusing on being more environmentally friendly Double income families or single parent families that need and are willing to pay for

services because of their busy lives Big box stores Increase in discounts to encourage sales Lower profits, maintenance of sales Competitive market React / respond to economies of scale

2 Describe current issues and trends in the financial services industry.2 Describe marketing functions and related activities

Nine functions of marketing: Purchasing- buying goods and services for a business’ operation (manufacturers

purchase cloth and thread; retailers buy the finished shirt for resale in their stores) Selling- providing customers with goods and services they want to buy (to the end

user and in the industrial market as materials for business operations) Pricing-deciding how much to charge for goods and services (takes competition into

consideration & how much a consumer is willing to pay) Product planning - all the decisions a business makes in the production and sale of

its goods and services (products to carry, branding, labelling, packaging, etc.) Marketing information management – the process of getting the marketing

information needed to make sound business decisions (marketing research) Promotion-any form of communication used to inform, persuade, or remind people

about a business’ products OR to improve a firm’s public image (TV and radio

commercials; specially designed perks as gifts with purchase-McDonald’s toys/glasses)

Financing-getting the money needed to finance the operation of a business (obtaining a bank loan; offering credit to consumers)

Distribution- making decisions about where to sell your product (method of transportation-truck; rail; ship or air) (storage of items is also part of distribution)

Risk management- preventing or reducing business loss (one risk that is out of a business’ control is high local unemployment rate; business competition; natural risks)

2 Describe sources of incomeA source of income is any stream of revenue or profit centre that a business has. The income may be as a result of sales, increase in value of property or inventory, or from donations if applicable.Describe sources of securities information.

2 Describe the concept of economies of scale 4 Describe the concept of price

Price is the amount the consumer must pay for a product Influenced by costs, competition, demand, and supply Cost—all costs are calculated and then a mark-up is applied to achieve the price Competition—set the price in relation to competitors Demand—apply the concepts of supply and demand, the greater the demand for the

product, the higher the price charged Supply—a product in short supply will have a greater demand

If the product is a luxury product, a pricing strategy of skimming or prestige should be used. People will be able and willing to pay a higher price because it is located in an affluent neighbourhood

2 Describe the four major classes of loans made by financial institutions2 Describe the nature of budgets2 Describe the nature of business records

Participants should make the connection between business records and business decisions based on those records. Records of business transactions are essential to maintaining control of a business. Business records need to be accurate, timely, and verifiable to be of any value. Accurate information is necessary for making good decisions. Making good decisions is what management is all about.Points to address this may include:

Inaccurate records could lead to an under or over projection of the business’s financial position in its financial statements

Since these statements are used to make business decisions by management and investors, it can lead to misinformed business decisions as well as billing and delivery errors

Business records are also used as reference points if and when the company is audited, thus these records must be accurate and maintain for future use

4 Describe the nature of cash flow statements Where does the cash come from? Where does it go? Shows what used/provided cash for the organization over a specific period of time.

It focuses on change from one accounting period to the next It is broken down into 3 sections:

Cash Flows from Operating Activities – from the day-to-day business of the organization.

Cash Flows from Investing Activities – shows the cash outlay for capital expenditures and acquisitions.

Cash Flows from Financing Activities – cash received from borrowing and cash used to repay l

2 Describe the nature of cost/benefit analysis Do costs outweigh benefit derived from it, i.e. is increase in revenue greater than

increase in costs Take into account non-financial benefits (greater customer service, better reputation,

etc.) and costs (opportunity cost, etc.) 3 Describe the nature of income statements

A financial statement measures a company's financial performance over a specific accounting period. Financial performance is assessed by a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting periodStudents should have a variation of the following:

RevenueGross sales $10,000Less Cost of Goods Sold ($1.00 + $1.50 @ 1,000 pairs sold) $ 2,500Gross Margin $ 7,500

ExpensesAny expence required to make money come in $ 1,200Net Profit $ 6,300

(If student includes start-up costs of $1,000) $ 5,300Describe the nature of profit-and-loss statements

2 Describe the nature of target marketing in the financial services industry.Describe the nature of taxes

Despite the common misperception, taxes play a positive role in our lives By collecting taxes, government is able to improve the standard of living for all

citizens – with better services and roads, transit, health, education, recreational and cultural facilities and programs

With good jobs and low unemployment, the personal income tax base is stronger, and with prosperous businesses, the corporate tax base is also healthy, fueling even more funding for city-provided goods and services

By levying reasonable taxes, the quality of life enjoyed in the city can be improved – they may wish to survey the public regarding this

The city may wish to begin dialogue with those businesses that will benefit from a new convention centre regarding a limited special sales tax or surcharge to help with financing (a downtown improvement tax)

The large, successful home-based insurance company should definitely be approached first about “headlining” sponsorship or a corporate municipal tax credit for a financial donation

5 Describe the need for financial informationFinancial information includes raw data, records, and reports; businesses rely on accurate financial information to make sound decisionsFinancial information is used to match company resources to its planned activities and to identify additional resources that may be needed or securedBusinesses use information to identify ways to reduce expenses and invest company assets. Also, information is used to forecast for future budgeting and growth, as well as to control and manage riskThe objective of financial statements is to provide information about the financial position, performance, and changes in financial position of an enterprise. Financial information is useful to a wide range of users making economic decisions Owners and managers require financial statements to make business decisions Employees require this information for use in compensation and bonus contracts Prospective investors use this information to assess the viability of investing in a

business Banks and lenders use financial information to determine loan terms, loan amounts,

interest rates, and required collateral Government entities use this information to evaluate taxes declared and paid by a

company Suppliers use financial information to assess the creditworthiness of the business Customers use financial information to assess the company's ability to provide

products or services in the futureDescribe the relationship between accounting and finance.Describe the relationship between economic conditions and financial markets. Describe the role of financial institutions.

2 Describe the use of technology in the distribution function Technology can help improve the distribution process – based on computer tracking

methods, the buyer can track customer habits Tracking inventory with barcodes – ease in receiving process Technology to monitor sales levels from month to month Internet adds convenience to the distribution process – a company website customers to

order cards that are not commonly carried on site Use of kiosks so that customers can view inventory, check availability, and place orders

on goods that are not readily available in the storeDescribe the use of technology in the financial-information management function Sales and expenses should be recorded Paypal offers on-line information Cash sales should be recorded in some software program for records and management Collecting customer e-mails, for example, would enable marketing directly to those

customers with potential sales opportunities Excel, Sheets, Quickbooks, and/or Quicken are popular tools to use.Describe the use of technology in the selling function Computers for online sales Notification of promotions and sales on line Credit cards, chip and debit cards for purchases

Computers as cash registers; controls inventory and creates sales history and stores info Track customer information, correlate sales to customer profiles and track sales figures Use past information to forecast potential new purchases for existing customers Describe types of financial services providers There are many financial services providers for both businesses of all sizes as well as for individuals. Services include investing, brokerage, advice, and financing. A company can raise capital through equity from venture capitalists as well as angel investors (individuals who provide financing hoping for a large return). Both venture capitalists and angel investors will examine the company thoroughly as they would take on a lot of risk. Through equity financing, the owner will give up part of his ownership of the companyOn the other hand, the company can raise capital through debt, usually through a loan from a commercial bank or credit union. In addition, the company can seek funding from the government. Financing through debt requires the company to pay interest periodically as well as the principal at the end of the term. Sometimes, there will be secured loans, in which there are assets attached to the loan as collateralIn addition to these large organizations, it is important to also consider personal funding as well as family and friendsParticipants are welcome to mention other financial services providers such as investment banks and brokerage firms but they should focus on the financial services.

5 Describe types of financial services providers There are many financial services providers for both businesses of all sizes as well as for individuals. Services include investing, brokerage, advice, and financing. A company can raise capital through equity from venture capitalists as well as angel investors (individuals who provide financing hoping for a large return). Both venture capitalists and angel investors will examine the company thoroughly as they would take on a lot of risk. Through equity financing, the owner will give up part of his ownership of the companyOn the other hand, the company can raise capital through debt, usually through a loan from a commercial bank or credit union. In addition, the company can seek funding from the government. Financing through debt requires the company to pay interest periodically as well as the principal at the end of the term. Sometimes, there will be secured loans, in which there are assets attached to the loan as collateralIn addition to these large organizations, it is important to also consider personal funding as well as family and friendsParticipants are welcome to mention other financial services providers such as investment banks and brokerage firms but they should focus on the financial services.

2 Determine a client’s financial situation2 Determine amount of funds a business needs 2 Determine credit worthiness2 Determine customer/client needs

The participant should use the following strategies to indentify out what a customer/client needs are:

Questioning Observing

Listening After carefully doing all of the above, vendors should continue to observe and listen

carefully while making suggestions of merchandise to the client They should listen for verbal and non-verbal clues and respond / alter their responses

appropriately4 Determine financial strengths/weaknesses of a business

Financial strengths my include positive profit and income numbers Minimal promotion expenses as related to sales, meaning word of mouth and repeat

customers are the main source of promotion The fact that the business is able to travel and take advantage of prosperous

communities Carnivals seem to be a low cost alternative to high priced entertainment in

economically deprived communities Weaknesses may include high payroll expenses The business may suffer if economic downturn continues as customers cut back on

spending Students should summarize the 4 ratios that they were asked to calculate and any others

they may have calculated Students could provide examples of scenarios in which the business in question could

be exposed to financial risk and examples of under which conditions the business could thrive

Determine profitability of business services.2 Determine the factors affecting business risk.

Determine the relationships among total revenue, marginal revenue, output and profit. Determine when to factor accounts receivable.

2 Develop a promotional plan for a businessDevelop personal budget

2 Develop project plan2 Develop strategies to achieve company goals/objectives2 Differentiate between service marketing and product marketing

In this example the participant should describe the differences between products or services in order to demonstrate the unique aspects of the Inn’s product and create a sense of value. Participant should have a good understanding of the 7 p’s of service marketing: product, price, place and promotion, people, processes and physical evidenceIn describing product marketing the participant should discuss: What products will be offered? Who will be the target customers? How will the products reach those? At What price should the products be offered?Examples of the marketable service involved with the Inn’s airport shuttle/ parking would be as follows: Ease of booking Location of shuttle drop off/ pick up, Training, efficiency and friendliness of the staff Driver knowledge of local area

Examples of the product marketing involved with the Inn’s airport shuttle/ parking would be as follows: Target Market- Business Traveler Quality of the Shuttle Bus Availability of parking spots Distribution channels: company website, airport sites, social media sites local travel

guides Complimentary Shuttle Service- as an amenity cost of parking at the Inn to be priced

mid-range between the two main competitive prices offered at the airport. Discuss opportunities for building professional relationships in finance.Discuss return on investment.

2 Discuss the impact of new technology on the financial industryDiscuss the nature of convergence/consolidation in the finance industryDiscuss the nature of debtor-creditor relationships

2 Discuss the role of ethics in accounting2 Distinguish between debt and equity financing2 Establish investment goals and objectives3 Evaluate alternative financing plans2 Evaluate channel members4 Evaluate future cash flow2 Examine the future of financial institutions.2 Explain customer/client/business buying behavior

Buying behaviour deals with the reasons or motives customers have for their buying habits, such as where to eat and what to eat when they go there. Eating out is a choice, not a necessity and customers will have to prefer what one establishment is offering more than another. This could include the prices being charged, the quality and type of food offered, the atmosphere inside the restaurant, the locations, even the commitment of the restaurant to issues like sponsoring local teams. Sometimes, customers may not even be able to explain why they choose one place over another other than the fact that they simply feel more comfortable thereParticipants may ask a number of the following questions to determine the buying behaviour of customers:

Who are the customers for electric versus non-electric vehicles? Create a profile of the customer buying process? How do the customer groups differ from one another? What, when and where do customers buy? How do customers rate the NISSAN on quality, service, and value? How satisfied is each customer segment? What customer segments are not having their needs met? Is your customer base increasing or decreasing? Why?

The participant may discuss some/all of the following ideas: need of product/service availability of product/service cost/affordability

evaluation of alternatives internal conditions ie. demographics, psychographics, personality etc.

3 Explain factors affecting the development and growth of the travel and tourism industry

Development and growth of travel and tourism is positively affected by the support of government, and highly-rated facilities and attractions

The city already has a large airport, an abundance of hotel rooms, a new ballpark, and a completed major downtown renovation of businesses

Couple this with the next phase of a new convention centre that includes effective promotion, and interest should lead to further growth in travel and tourism for the city

An extreme national economic downturn or tragic travel situation would however temporarily set-back any desired growth

Explain factors that motivate people to purchase financial products/services2 Explain factors to consider when selecting a store site2 Explain forms of financial exchange

Credit enables a business or individual to purchase goods and services in exchange for a promise to pay later. It is most helpful when consumers want to make major purchases, though it is often used for more common, less expensive itemsCustomers are typically issued a credit card from a bank to make such purchasesDebit is a variation of credit. Consumers using a debit card authorize a seller to withdraw funds directly from the consumer’s bank account at the time of saleA cash sale is any transaction in which the customer pays for the item with cash or a chequeWays to pay for goods/services

Cash Credit card Debit card Lay away

Explain how organizations adapt to today’s marketsParticipants should discuss ways that organizations adapt to today’s markets. A business is constantly engaged in the process of renewal when they choose to use this data. Suggested responses may include: Using tools like SWOT analysis and environmental scans to identify ways the business

can improve A SWOT analysis assesses a company’s strengths and weaknesses and the opportunities

and threats that surround it An environmental scan is an analysis of outside information that may have an impact on

an organization Utilize market research and analysis of consumer, competition and marketplace Determine the 4P’s of marketing as related to their organization and product: Product, price, place (distribution) and promotion Determine the 3C’s of their market strategy analysis

Company, competition and customero In this case, market research of their store location and consumers would

be needed, utilizing the 4P’s and 3C’s of marketing / focus on place, competition and customer

Explain investment goals and objectives2 Explain key factors in building a clientele

People eating in a restaurant are making a choice. This is normally not a matter of necessity. Therefore, they will choose to eat at this restaurant if their needs are being met. Some of the more obvious reasons they would have are:

The food is good The prices are right They enjoy the ambiance and feel welcome They know the owners They respect and support the restaurant as a member of the community They want their children to be exposed to different dining situations They don’t feel like cooking themselves

If the restaurant owners and management want to rebuild their clientele, they must address these (and perhaps other) issuesStudents need to demonstrate an understanding of why customers will patronize a business; ie, what can the business do to continue attracting and keeping customers. It will not be enough to advertise to attract new customers, it is also necessary to satisfy them in order to keep them coming back frequently. Eating out is not a necessity. Consumers have a choice as to where to spend their money and they will generally do so in a place they enjoy.

The market (consumer attitudes) could be changing, and what has worked in the past is no longer popular.

The demographics (types of customers in the area) may be changing (aging?)There will likely be new competitors that may be trying to copy your success Ensure

every customer has a pleasant experience at the restaurantRelate to creating brand loyalty by providing an excellent product with supreme service

in an amazing atmosphereStudents could also be more specific and include examples of different types of events or promotions the restaurant could use. Just like retail stores change their window and interior displays, even a restaurant has different things they can do to give the customers a new look or feelThis case tries to deal more specifically with having the proper menu items.

Did the student explain and develop a defined plan for building and keeping customers?

Did the student address issues related to competition and competitive advantage?2 Explain risk management in the financial services industry2 Explain techniques for improving profit margin. 2 Explain the concept of accounting

Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities to interested users. Accrual basis accounting recognizes revenues when they are earned and expenses when incurred. Generally Accepted Accounting Principles (GAAP) requires that businesses use accrual basis accounting because it presents a better picture of a business’s economic activity during a specific timeframe

It is the measuring, communicating, and interpreting of financial activity It is used by decision makers (e.g. managers, owners, etc.) to decide optimally (e.g.

on whether to expand, to take on new debt, to offer credit to customers, etc.) It is the “language” of business

Participants should be able to identify and explain accounting fundamentals as they apply to this situation. The participant’s address may include: Accounting involves the careful and accurate recording of the transactions of a business These records are used to formulate financial statements that represent the financial

position of the business Accounts payable handles invoices charged to the company on orders made, in this case,

for materials to make spirit items4 Explain the concept of place (distribution) in the financial services industry.2 Explain the concept of private enterprise

Private enterprises are organizations owned and operated by individuals and not on behalf of government institutions. Individual people earn profit or provide services on a not for profit basis for their own benefit

2 Explain the concept of production The fabrication of products in a manner which is both cost effective for the producer

and still satisfies the desires of the consumer Includes converting raw materials (inputs) into products (outputs) and the steps in

between, e.g. packaging Production often limited by laws (safety regulations, restrictions on % of certain

materials, etc.)Explain the economic impact of travel and tourism on a community or an area The impact from travel and tourism on a community and its economy is significant Hotels are booked, restaurants are busy, sports and entertainment venues are filled, and

retail sales will increase, if people are visiting with major conventions and conferences being held in the city

This, in turn, keeps citizens working and creates civic pride Such an economic impact will continue with the attraction of new businesses and more

industries desiring to locate in a booming cityExplain the nature and scope of financial globalizationExplain the nature and scope of the financial-information management functionFinancial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. This will generally include: Estimation of capital requirements: depends upon expected costs and profits and

future programmes and policies of a concern Determination of capital composition: depends upon the proportion of equity capital a

company has and the additional funds which have to be raised from outside parties Choice of sources of funds: For additional funds to be procured, a company has many

choices like- Issue of shares and debentures Loans to be taken from banks and financial institutions Public deposits to be drawn like in form of bonds

Investment of funds: The finance manager has to decide to allocate funds into

profitable ventures so that there is safety on investment and regular returns is possible

Disposal of surplus: The net profits decisions have to be made by the finance manager. This can be by: Dividend declaration - includes identifying the rate of dividends Retained profits - will depend on future plans of the company

Management of cash: Cash is required for many purposes like payment of wages and salaries, payment of electricity and water bills, payment to creditors, meeting current liabilities, purchase of raw materials, etc

Financial controls: This can be done through many techniques like ratio analysis, financial forecasting, etc

7 Explain the nature of balance sheetsA balance sheet describes a company’s position (types and amounts of assets, liabilities, and equity) at a point in time. Participants should use examples of assets, liabilities, etc. that specifically relate to the bakery industry Summary of all assets, liabilities, and owner’s equity for a company at a certain day,

usually fiscal year end Can be described as a “snapshot” of the business on that particular day They show details of the Assets and Liabilities (things it owns and owes) and the Net

Worth or Owner’s Equity. From them, other aspects of the business can be interpreted – liquidity, turnover, etc. Managers, Owners and investors use balance sheets to analyse and evaluate the current

operations of a business and suggest changes/improvements2 Explain the nature of branding2 Explain the nature of business plans2 Explain the nature of channel strategies2 Explain the nature of channels of distribution

A channel of distribution comprises a set of institutions which perform all of the activities utilised to move a product and its title from production to consumption Channel 1 contains two stages between producer and consumer AAA has a large set of

client companies which provide roadside assistance to the client members of the club Channel 2 contains one intermediary. In consumer markets, this is the retailer towing

company, and service business They sell their services and expertise to the AAA clients

Channel 3 is called a "direct-marketing" channel, since it has no intermediary levels. In this case the manufacturer sells directly to customers. An example of a direct marketing channel would be a towing and auto service companies selling directly to the customer

2 Explain the nature of direct advertising strategies Direct advertising sends messages directly to customers without the use of media;

examples include direct mail, email and telemarketing Direct advertising also emphasizes a measurable response from customers

2 Explain the nature of effective communicationStudent answers can be vary however they should indicate that communication is effective when it is clear, easy to understand and consistent. Communication is also effective if it is

well matched to the target market or target audience of the particular product or message – it should “speak to” the target audience in a clear and interesting manner. Effective communication should also include consistency between communication methods. Communication is the process of exchanging messages between a sender and a receiver Effective communicators need to understand channels of communication and media,

effective listening skills, barriers to communication, and non-verbal cues. In addition, one must be prepared to read for meaning, speak properly, and write effectively

Channels (or media) are the avenues through which a message can be delivered. The choice of medium depends on the nature and importance of the message

Effective listening allows a person to identify the purpose of the speaker, give feedback, and evaluate the speaker’s message

Communication may be impeded by a number of barriers, including physical such as distance and position from the speaker, and verbal as in using vague or unclear language

Lastly, a person’s non-verbal cues—such as his or her tone of voice, emphasis, and body language—are critical because they often communicate as much as the speaker’s actual words

5 Explain the nature of financial needsFinancial needs are monetary requirements that arise in the course of business. They are often related to poor sales or costs – both variable and fixed. In this specific situation the University needs to control costs and increase revenue from its sports programs. Financial needs in this specific case are $7.1 million (the deficit) and $81 million (needed for a new field house)Explain the nature of financial plans.

2 Explain the nature of financial services marketing.2 Explain the nature of financing instruments. 2 Explain the nature of loans/leases2 Explain the nature of overhead/operating costs

Fixed costs that are “sunk costs”, i.e. already spent and not material in decision making

Arbitrarily assigned on a per unit basis for accounting reasons Will decrease on a per unit basis as unit produced increases; this will have no real

impact on business Explain the difference between fixed and variable costs Fixed costs do not fluctuate due to the number of items sold Variable costs fluctuate depending on the total number of items soldOverhead costs and operating costs deal with different types of company expensesOverhead costs generally relate to expenses necessary for the functioning of the business but which do not help to directly generate profits. Typical of these would be rent, gas/electricity, indirect wages). Examples of rising overhead costs would be for the installation of security cameras or more expensive cash registers that would reduce employee errorsOperating costs are the recurring expenses which are related to the production and sales of a business, and therefore directly related to profits. These include direct wages, advertising, and food preparation, such as our food preparers using too much of the inventory to make our menu items. If too much food is put on a plate, or too much food

is wasted in making the food, our operating costs will rise compared to sales. Since all costs will eventually reduce the amount of profit a business has, any expenses the business has related to inventory control systems and shrinkage are importantIdeally, the money spent to install and implement these systems would more than make up for the amount of shrinkage a company faces, but it still has an impact on the efficiency of a business when one includes the additional time necessary to monitor and administer these procedures. Overhead and Operating costs combine to add up to the costs of operating the

business These costs can either be fixed (overhead) or variable (operating) Overhead costs (fixed) must be paid regardless of the level of production or sales

o costs that remain the same for a period of time (insurance, rent, hydro, water, heat, wages, taxes)

Operating costs (variable) are dependent on the business’ level of production or saleso can change monthly depending on the needs of the business (advertising,

office supplies, utilities, packaging, labour salaries)Explain the nature of positive customer/client relationsThe participant should demonstrate an understanding of this concept through examplesA positive customer relations mindset means believing that your customers:

Deserve the very best Are your employers Deserve your focused attention Have the right to expect things of you Have important problems and complaints

Positive customer relations yield benefits to the: Business Employees Customer

Businesses benefit by being: Employees may receive: customer compliments perhaps a raise or promotion for good customer service skills

Customers may benefit from: a more pleasant, satisfactory buying experiencePositive customer relations need to be demonstrated when speaking to customers in person, over the phone, or online. It should also be evident while handling customer complaints, inquiries and requests. Demonstrate good customer relations by doing the following: considering and attempting to meet their needs concentrating on the without distractions follow up with them following through on what you say you are going to do

being efficient in handling issues2 Explain the nature of short-term financial instruments. 3 Explain the nature of staff communication

Staff communication refers to the sharing of information within an organization. This can

involve communication from management to other staff members (top-down communication), communication from staff members to management (bottom-up communication), and communication among staff membersStaff communication is an important way to keep staff up-to-date on information that affects the business and that is necessary for them to effectively do their jobs. The student should explain the role does staff communication plays in workplace safety What is the purpose of changing the current staff communication structure

o Improve productivityo Cut costso Ensure congruency of information relayed to customers

Explain the need for accounting standardsIn preparing financial statements, accountants are confronted with the potential dangers of bias, misinterpretation, inexactness, and ambiguity. In order to minimize these dangers, the accounting profession has developed a set of standards that is generally accepted and universally practiced. Without this set of standards, each enterprise could develop its own methods for sharing financial information. As a result, it would be almost impossible to prepare information that could be used and compared

2 Explain the need for accounting standards (GAAP). 2 Explain the need to save and invest.2 Explain the principles of supply and demand

Supply and demand determine the prices and quantities of goods and services produced. Supply is the amount of goods and services producers are willing to make and sellDemand is the willingness and ability of consumers to buy goods and services. The law of supply states that price and quantity supplied move in the same direction (a

direct relationship) As price increases, the amount of goods and services supplied increases. The law of

demand states that as price increases, the amount desired by consumers will decrease (an inverse relationship)

When the amount of a product/service being supplied equals the amount being demanded, equilibrium exists in the marketplace at that price.

A surplus exists when there is more supply than demand, leading to lower prices A shortage exists when there is more demand than supply, leading to higher prices

8 Explain the purposes and importance of creditCredit enables businesses to obtain products or money in exchange for a promise to pay later. Businesses use credit to buy materials and supplies from other businesses and credit makes it possible for many companies to purchase goods/services who otherwise would not have the means to do so. Also, companies can extend credit to provide purchasing incentives to customers, enhancing their sales revenue. A business would use credit to purchase product for resale as well as supplies and

assets for the daily operations of the business It would extend credit to customers to increase sales and earn higher profits while also

collecting interest for using credit Credit allows customers to be able to purchase products and pay over a period of time

and not have to pay cash in one lump sum,4 Explain the relationship between customer service and distribution

The better a company is at distribution, usually the better the customer service and satisfaction becomes.  When distribution works well, consumers are not really aware of its importance, but it is the opposite when distribution doesn't work well.  Dissatisfied customers results from poor distribution.  Supply and demand and economic utility are big elements of distribution.  The most important parts of economic utility to satisfy customers are time and place utility.  Distribution has a good relationship with the consumer when the consumer can locate and purchase the products and services easily.

2 Explain the responsibilities of finance professionals in providing client services Finance professionals such as financial planners help clients create personal budgets,

control expenditures, set savings and investment goals, and implement strategies for accumulating wealth

A planner will have access to financial advisors, investment managers, securities brokers, and mutual fund companies, using these specialists to invest funds for their clients

Financial planners should stay current with developments in the finance industry, including financial products, tax laws, and investment strategies

2 Explain the role of customer service as a component of selling relationshipsSelling relies on repeat business – customer service drives repeat businessIntegral to successful selling is good customer contact. Service extras are what the customer will remember and cause him/her to returnProduct knowledge is part of customer serviceParticipant should mention specifics of customer service as it applies to The Shed – product knowledge, speed of service, acknowledging customer concerns. In this case, acknowledge should be made of the fact that the server was likely at fault and that the table in question could have been offered the discount, or some other incentive to return to the restaurant. Ensuring customer satisfaction must be the goal.

Explain the role of ethics in financial-information management The entrepreneur must have a record of all transactions, both income and expenses The entrepreneur must file income taxes, if required, even if this is a hobby All financial information should follow generally accepted accounting practices

Explain the role of finance in businessFinance is the function of business that pertains to money management. It assists in planning the start- up/equity financing, debt financing and management, and growth financing. There are various financial statements that are used to analyze a company and its financial standing such as: a balance sheet and income statement. The participant should demonstrate the importance of finance in any and every business and its operations, and tie it to the fitness industry, as well as mentioning that without properly managed finances a company would not function.

Explain the role requirements of entrepreneurs and ownersOwners and entrepreneurs are similar but entrepreneurs are the current darlings of society. Entrepreneurs occupy a central position in a market economy. Entrepreneurs seek disequilibrium--a gap between the wants and needs of customers and the products and services that are currently available. The entrepreneur then brings together the factors of production necessary to produce, offer and sell desired products and services. They invest and risk their money--and other people's money--to produce a product or service that can be sold at a profit. They are determining their own future in terms of their work ethic, pricing,

and income.2 Explain the time value of money

Future value of money is different than current value Inflation and deflation cause the value to fluctuate, so a dollar may be worth less in the

future2 Explain the types of advertising media

Mail Print Advertising – Newspapers, Magazines, Brochures, Fliers Outdoor Advertising – Billboards, Kiosks, Tradeshows and Events Broadcast advertising – Television, Radio and the Internet Covert Advertising – Advertising in Movies Celebrity Advertising

Explain the use of technology in accounting. Explain the use of visual merchandising in retailing.Explain types of financial marketsExplain types of investments

2 Explain ways that technology impacts the financial service industry4 Forecast future financing needs. 2 Forecast sales

Identify company’s brand promiseParticipants should make the connection between the company’s slogan, “A positive place for positive results” and the mindset of the employees. Brands are names, terms, designs, or symbols that distinguish a product from their competitors and they communicate features, benefits, qualities and value. Effectively using the slogan will help build product recognition, customer loyalty and ensure consistent qualityIn this case the company’s brand promise is delivered through their brand name (the name of the company), and their slogan to build that into their entire business through employee behaviour and customer’s expectations and the importance of living up to it to maintain their image

2 Identify customer’s buying motives for use in selling.6 Identify factors affecting a business’s profit

Profit is the monetary return a business` owner receives for taking the risk of investing in the business. Profit equals income less expenses. There are two types of profit: gross – the money left over after the cost of goods is subtracted from sales, and net – the money left over after the operating expenses are subtracted from the gross profitFactors that affect profit include: the demand for the good/service, expenses, prices, the economy, and chance. To increase profit, a business can increase worker efficiency, increase sales or decrease expenses Revenues: number sold * sales price per ruler Expenses: Fixed costs + (variable costs * number produced) 4 P’s of marketing – Product; Price; Place; Promotion 4 C’s of marketing – Consumer wants/needs; Cost to satisfy; convenience to buy;

Communication The amount of sales The cost of the merchandise

Price merchandise is being sold for Amount of overhead Cost of sales Competition Success of an advertising campaign Merchandise that is being sold Ability of the sales staff Ability of staff to close sales and to add on sales once an initial sale has been closed Revenues: rentals Expenses: advertising, salary, rent, utilities expenses

2 Identify how technology is changing the financial industry.Identify reasons to analyze financial dataIdentify the company’s brand promise A brand promise is a statement that you make to customers that identifies what they

should expect for all interactions with your people, products, services and company The brand promise represents the value the company will deliver to its target audience

in order to earn loyalty Since “Secure Bank” is the oldest and most trusted bank in the city, their brand promise

should reflect this2 Identify the four major functions a financial institution provides its customers.

Interpret a pay stub. Interpret basic charts/tables.

2 Interpret descriptive statistics for marketing decision making.4 Interpret Financial Statements

Answers will vary for this section. Students sold be evaluated on the concepts and principles involved in financial statement analysis Fundamental analysis that should be given are questions pertaining to profitability and

repayment of debt Basically, the income statement shows how much money the company generated

(revenue), how much it spent (expenses) and the difference between the two (profit) over a certain time period

The income statement lets investors know how well the company’s business is performing - or, basically, whether or not the company is making money

Cost of goods sold is the expense most directly involved in creating revenue. It represents the costs of producing or purchasing the goods or services sold by the company

Companies with high gross margins will have a lot of money left over to spend on other business operations, such as R&D or marketing. So be on the lookout for downward trends in the gross margin rate over time. This is a telltale sign of future problems facing the bottom line. When cost of goods sold rises rapidly, they are likely to lower gross profit margins - unless, of course, the company can pass these costs onto customers in the form of higher prices

High operating margins can mean the company has effective control of costs, or that sales are increasing faster than operating costs. Operating profit also gives investors an opportunity to do profit-margin comparisons between companies that do not issue a

separate disclosure of their cost of goods sold figures (which are needed to do gross margin analysis)

Operating profit measures how much cash the business throws off, and some consider it a more reliable measure of profitability since it is harder to manipulate with accounting tricks than net earnings

When a company has a high profit margin, it usually means that it also has one or more advantages over its competition. Companies with high net profit margins have a bigger cushion to protect themselves during the hard times. Companies with low profit margins can get wiped out in a downturn. And companies with profit margins reflecting a competitive advantage are able to improve their market share during the hard times - leaving them even better positioned when things improve again

A common profitability ratio is:    Net Income   Profit Margin = -----------------    Sales

4 Make decisions2 Make financial decisions based on appropriate market data

Make judgments and decisions, and solve problemsThe participants should have decisive and confident responses to the questions asked

5 Make oral presentations Is the student speaking professionally and communicating clearly Are the indicators flowing into each other smoothly Is the student speaking directly or are they reading from their notes

Manage receivables2 Optimize rates of return2 Participate in a staff meeting2 Persuade others2 Plan strategies for meeting sales quotas

First the presenter should set a quota or sales objective for the winter months as it is not given in the case

Strategies may include changes in the 4 P’s (Product, Price, Promotion, Placement) Lower the pricing as a special promotion during winter months will attract a greater

amount of customers yet will continue to make profits for the company Presenters should be specific and have a specific price

Plan/Schedule displays/themes with management2 Prepare balance sheets

Prepare bank account documents4 Prepare cash flow statements

Calculate the amount of cash in, cash out and balance based on the transactions provided

Values listed in the judge’s instructionsPrepare for the sales presentation

2 Prepare profit and loss statementsPrepare store/department for special event

Present and defend opinion2 Present report findings and recommendations2 Project future cash needs2 Protect against identify theft

Measures must be in place to limit access to card information – passwords, limited access, logins, firewalls, tracking of access, POS – well secured to prevent unauthorized accessTraining of workers is most important – an understanding of their role in handling of credit/debit cards is vitalAdherence to all legal requirements with respect to data managementParticipant could mention any of the above information as it relates to this case.Provide directions for completing job tasksThe participant as human resources manager is to outline a set of directions to complete the job tasks. This might include:

Instructions to assess employees needed to work the event Hiring process Instructions for orientation and training of new and existing employees Instructions to evaluate and to reward employees Instructions to identify employees the company may wish to hire for other events in

the future Give clear directions Be consistent Treat employees fairly Be firm when necessary Set a good example Delegate responsibility Foster teamwork Be ethical

Provide the break-even formulaThe break-even point is established by dividing the total fixed costs by the difference between selling price per unit and variable cost per unit Total Fixed Assets________ = Break-even point(Selling price per unit – variable cost per unit)

Read and Prepare Bank ReconciliationA bank statement is a document showing activity on your account over the previous month, including a beginning and ending balance and all inflows and outflows during that time. Bank account reconciliation is when you account for the differences between the bank statement and your records (usually your chequebook register). The balances may differ because you have written cheques that have not yet cleared the bank, or perhaps because you have deposited money into your account after the bank statement was preparedRead and reconcile bank statementsReason effectively and use systems thinking

Did the participants use good reasoning throughout the discussion? Were the explanations systematic and logical?

2 Recommend financial services

2 Reduce risk of loss due to forgery and fraudReinforce service orientation through communication

Service orientation refers to a focus on service. In communication, service orientation can be maintained by demonstrating emphasis on customer service in all communication. Similar to handling difficult customers, communication with a service orientation should demonstrate empathy and a focus on finding solutions that will satisfy the needs of the customer staff to be trained in proper customer service techniques, including greeting

customers, asking to assist them, wishing them a good day when leaving, etc customer service training, tips and messages to take place on on-going basis in staff

meetings, employee newsletters, employee bulletin boards training to include role plays of customer service situations thanking customer to be part of role plays concluding transactions at cash employees must make it clear to customers that we want to help them; the whole

experience in our store must be positive open communication from customer – employees – management (full circle) customers can be given opportunity to fill out comment cards/on-line surveys,

perhaps with chance to win something/discountsemployees also be given chance to fill out feedback forms, surveys, suggestions

Respond to customer inquiries2 Select advertising media

Participant demonstrates an knowledge of advertising media (four categories: print, broadcast, online and specialty)

Participant outlines a media plan with rationale for each medium selected Will this combination of media selected be effective in reaching the teams target

market? Did the participant provide cost/budget considerations for the advertising selected?

Select sources of capital5 Set financial goals

Show evidence of creativityCreativity in the workplace is the next step up from problem solving. It is a real asset to employers hunters, if they can show how they bring additional value to the employer, and preferably prove a dollar value to that creativity. Initiative and good ideas are now much more appreciated than they were in the old hierarchical corporate jobs. Ideas are valuable, and so are employees who can get more value out of the endless possibilities of new systems.Some people actually make much more of a career out of ideas, rather than just doing a job. The opportunities are always there. Everybody, on any job, soon figures out a better way of getting things done. Most value adding is about dealing with volumes of work. Just as well, too, because that's how efficiency is achieved. It's a natural use of skills to make work easier and more productive. That's also why many people who are quite efficient in organizing their own work don't even recognize why they're efficient. They think it's common sense, but it's actually part of the creativity in the workplace effect. Think about how you've organized your own work to suit your own needs. There will be something. You may not have

redesigned the whole workplace, but you will have done something to make yourself work more efficiently.Now comes the rest of the question, how to show value in your creativity.Work value is measured by:

Profit Savings Improved time frames Increased efficiency in your own work Increased efficiency which carries through up the work chain to others from your

own workThis is what is meant by improving productivity. It's productive in that it generates income, saves time and therefore money, and improves the efficiency of yourself and others. In whatever sense it's done, it's valuable to the employer.So you have to express the value of your creativity in those terms, to the judges, and show them why it's valuable. If you've come up with a better way of doing things, or a more efficient or obviously quicker way of doing your work, you've answered the question effectively, and made your point.As with all interview questions, you must structure your answer so the interviewers can see the processes involved, and the value of your work.In this case, creativity is a very broad range of possible subjects, but you can simplify and clarify your answer:

Explain the work, and the processes. Explain your idea and its benefits in terms of the productivity criteria.

Tell the judges what you've achieved with your creativity. Also tell them your manager or supervisor's reaction to your work if you can tell them about a positive response from them. That's proof of achievement.SWOT Analysis for the BankStrengths The strengths of the campaign should include all the features that make the campaign

stand out again others in the market. These are features that give the campaign an advantage

Weaknesses Weaknesses are all the aspects where the campaign falls short. For example, the

campaign might be too vague or confusing, or it may not present the bank in the most flattering manner

Opportunities Opportunities are all the ways in which the bank campaign might be further exploited.

For instance, could the campaign be used to target a specific audience that the bank would like to have as customers?

Threats Threats are anything negative that could arise from the campaign. For example, the

campaign might make claims that could open it up to criticisms from competing banks, or the campaign may set unreasonably high expectations for customers

2 Target products for specific markets2 Use consensus-building skills2 Validate credit history

Customer has never been past 10 days past due on any debts

Consistently paying a Visa and MasterCard bill, therefore building a credit historyVerify information in financial statements.