Impact of Promotional Methods
From the scenarios, Erica and Chris have determined their weaknesses after performing a SWOT analysis. However, they have yet to identify opportunities for their business. Determine two potential opportunities specific to their restaurant’s business environment, and discuss how the partners can take advantage of these opportunities. Discuss a situation where you were influenced by an infomercial, attractive packaging, and a discount flyer to purchase a product, and explain why you think the promotional method made such an impact on you.
I believe one of their potential opportunities is proximity to their ideal client base. They could pass out menus for catering, dining or even take out menus to cater to some of the businesses as well if they do cater maybe even a limited type delivery service to some of the companies as well this would not only separate them from their competition considering they would be the only restaurant to offer all of the services. I believe the second is marketing there food what better way than take ala cart to these local businesses and having people try some samples while passing out menus and creating lunch specials for these business people.
I believe this separates you from any other business in the area. I believe this with all fresh ingredients can do nothing but help your business and make a good name for yourself especially being new you have to go out and get your customers just not expect them to come go get them . I think these are all very good ideas for their restaurant very good ways to bring people in the front door if think they are all very good ideas. Good job!
Me myself I really can’t think of something I have actually bought but have thought about some products. Usually its tools something new and unique plus a lifetime guarantee doesn’t hurt tools they wear out and break doesn’t matter the brand and I have realized if it’s too good to be true it probably it is. I usually don’t fall for those as seen on TV things seem way to fake for me or I wait to see if I know someone else that gets it to see how it works.
Advantages of accrual basis accounting
1. Incorporates expenses and revenue at the same time
2. More accurate financial statements
3. Recognizes expenses and revenues when performed rather when paid
Disadvantages of accrual basis accounting
1. Special rules apply to this form
2. Transactions recorded at the time it happens
Advantages of cash basis accounting
1. Only records revenue and expenses when they are paid either way. 2. It’s a very in expensive system to use
3. More simple system to use
Disadvantages of cash basis accounting
1. Misleading financial statements.
2. Fails to record services performed but not paid yet
3. Does not match expenses with revenues.
I believe that each of these could be good for your business just depending on the business. Like to use the cash-basis you would need a business that does not have a lot of receivables and payables. If you have more receivables and payables I would suggest that you pay a little more money for the accrual basis you’re more likely to have a bigger business anyways. The revenue recognition principle recognizes revenue in the accounting period in which the performance obligation is satisfied. The expense recognition principle match expenses with revenues in the period when the company makes efforts to generate those revenues. If they waited until the end of the year to make all these entries it would be crazy look at tax time how people are. Now look at a company that has hundreds or even thousands of transactions a day all over the country it would be crazy.
