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BUSS1 / BUSS2 Exam TechniqueA watch

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    (Original post by PharmacyDoctor)
    Ahaa about point 3 lol alryt. But it was an anlysis question on the june 2013 paper. How many marks would u give it? It was out of 10

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    (Original post by PharmacyDoctor)
    can someone tell me if this essay would be good for full marks for the analyse question?

    An income budget is the agreed planned sales (I'd use 'Revenue') of a business over a particular period of time. There could be quite a few problem with Akanni being able to produce an accurate income budget in option B. But why? (No Rhetorical questions) Essentially there is not fixed guarantee on the level of demand for his products i.e. he is just relies on word of mouth advertising (I can't see where you got this idea from... Although somewhat unreliable, the Quantitative Data came from the USA Research). He knows there is a demand for his product amongst his family and those gluten intolerant however it is insufficient as there is no numerical data to produce a income budget i.e. to show how sales revenue he would make ( how many products will actually be sold) (Again, there is numerical data! You need to criticise the USA Research). This is not helped by the fact he has no experience making his income budget of sales being between £360,000 in the first year too £500,000. These seem highly unrealistic (This should have gone before 'because he has no experience of creating Income Budgets') and seem to come from no where therefore making it difficult for him to budget the income correctly once again. In addition to this he has no market research actually correlating to the level of price or a numerical level of price in which people are likely to pay if he sold the products directly further adding to the difficult of forming an income budget. Since if he does not have any idea of the most probable level of price at people are willing to pay how can he form a income budget since he would not know if people would buy it. There is also the factor he does not know if consumer like his products or not (Research already suggested that prompt delivery and friendliness was more important than taste/quality). I.e. they may be desperate for his products i.e. gluten free but when they taste his products and they taste of poo (I don't even know what made you think this was acceptable in an exam) well there will be a major negative change in the tastes of consumers towards his products in which case the demand of his products will fall sharly= less quantity of units sold hence affecting the total sales revenue and therefore the income budget. This changing in the tastes itself makes it difficult to draw up the income budget too since as he has no identified the consumers tastes therefore cannot predict whether they will sell. (Didn't understand this)
    I'll not give you a mark, because I'm no examiner. Just look at what I've pointed out. Also, you're lucky you aren't marked on grammar for this paper!
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    Does anyone have any notes on all the definitions we need to know??
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    (Original post by SimiBformeplease)
    Does anyone have any notes on all the definitions we need to know??
    http://www.thestudentroom.co.uk/show....php?t=2682997
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    (Original post by PharmacyDoctor)
    Ahaa about point 3 lol alryt. But it was an anlysis question on the june 2013 paper. How many marks would u give it? It was out of 10

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    Here's my own answer to that question, which I've just written up. It might not be great because I sat BUSS1 last January...


    "An Income Budget is a plan of the expected revenue over a certain period of time.
    One problem Akanni may have faced when producing an Income Budget is that the only information he could find regarding the 'gluten-free food delivery' service came from America in 2010. This data is likely to be unreliable because this niche market in America may be completely different. For example, the American market may have a different number of gluten-intolerant people, different levels of demand, and different types of products available.

    Another problem Akanni may have faced is that customers seemed to want to contract with Akanni only if he provided them with large discounts. These discounts would inevitably depend on factors such as how many products individuals bought, how regularly they bought them, etc. Because of this, it would be very difficult to predict how these discounts would affect revenue in the future.

    Lastly, another problem Akanni could have faced when producing an Income Budget is that he only has limited experience concerning budgets. This is not helped when part of his research is from the other side of the world. Because of this lack of experience, Akanni could also overestimate revenue and underestimate expenditure."
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    Does anyone have a BUSS2 definitions sheet?
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    (Original post by johnwhite732)
    You definitely want to have a glance over the definitions and make sure you're confident. Any key terminology definitely helps with definitions (Y)

    As for choosing what to revise, I've found it's all in the structure of what you write, because in the exam, if you look at past papers and see what they mark you on, it's always about GAP and GAN. My Business teacher is always telling my class about it.

    Another key thing in your exam is they always most definitely test you on your formulas. On BUSS1, they are always sure to test you on Breakeven. (I used to hate it so much last year, it's a complete nightmare!) The obvious formula for this is:

    Fixed Costs
    --------------- = Number of Sales need to breakeven
    Contribution per unit

    Contribution per unit is equal to your Selling price - your variable costs. It's called contribution as it's the money you pay to cover your fixed costs from what you've made from the sale.

    I can post a few more but it's down right winded. I'll try and make a resource so that it's all on one sheet if you like. Hope that all helps. Just reply if you want the sheet/resource thingy. Thumbs up if this helps
    What do you mean by GAP and GAN?
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    (Original post by Alex2003)
    What do you mean by GAP and GAN?
    GAP and GAN are the examiner references to your paragraphs in the exam.

    GAP stands for Good application - i.e how this affects the person's business

    GAN stands for Good analysis - i.e how far in depth you evaluate the problem
 
 
 
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