Buss1 Key Terms

Branding is about establishing an image of how you would like to be seen and thought of by others. In business, for instance, those people are usually consumers. In other words, companies want clients to think of them in a positive light so they purchase their products.

This technique influences customers to buy the products as they are usually by the tills and are sometimes on special offer.

In-store promotion – In-store weekly specials on certain products combined with sales catalogues to achieve short-term boost in sales.

Companies prepare budgets so they can plan the evolution of their business. Budgeted costs allow them to set prices, project sales and estimate profits. For a wide variety of reasons, costs and revenues can come in higher or lower than calculated. Budget variance analysis addresses these differences and helps companies adjust budgeting procedures

Branding is your reputation. Branding is about building a name for yourself, showcasing what sets you apart from others, and describing the added value you bring to a situation.

A fixed amount loan from a bank which is generally used to finance long-term assets

Once the customer has found their merchandise use this product to subtly upsell other products in the range and other complimentary pieces we have throughout the store.

A cash flow forecast is estimation of cash coming into the business and of cash going out of the business over a set period of time. A cash flow forecast should demonstrate that your business will have access to enough money to survive. But when estimating the costs you must give reasonable costs because if you estimate the expenses low and the profit high it will cause problems within the business.

Budgets can serve many purposes and can be a very advantageous tool for businesses to utilize. Budgets, as stated by Vitez, “represent a detailed analysis of how a company expects to spend money in future time periods” (Vitez). A few of the purposes a budget can serve are: limit expenses, outline trends, create a financial roadmap, improve cash flow by not having cash tied up in excess products, early warning, as well as business planning. Through analysis of the budget, it can be determined where the business is being wasteful and needs to become more efficient. This potential improvement outlines where there is opportunity for the business. The budget can also be used as a roadmap detailing the incremental financial steps the business should take in order to get to its desired location. By comparing the actual financials to the budgeted financials, any negative variances can serve as an early warning system to the business. This allows the business to make any needed changes to get the business back on track. Another purpose to the budget is for business planning, the budget can help to guide decision making and planning. Having the business stick to the proposed budget will help to determine what needs to take place for the business to succeed.

Budgets are spending plans utilized by firms to anticipate their money related projects. They help

word of mouth: Since in-store sales and promotional activities involve face-to-face interaction with customers, good customer service and knowledgeable staff led to word of mouth free promotion by happy customers who have visited the store.

Branding is the process of using a word or an image to identify a company or its products. It is what separates competitors and helps consumers remember a product. The purpose of a brand is to increase sales by making the product or service the most visible and desired by the consumer. Branding is becoming more than a logo or a product. It is becoming a promise of quality and reputation! It encompasses everything about a company, sometimes good and sometimes bad, depending on the public’s perception.

Budget is a comprehensive business plan for procuring and appropriating a firm’s financial resources over a specified time period.

Promotion- Promotion is an attempt to make a product or evert popular or successful, especially by advertising.

A budget is a financial statement which is an estimate of income and expenditure of a set period of time, which may include planned revenues, expenses, assets, liabilities and