(Q-1) How does the small business set prices for i

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(Q-1) How does the small business set prices for its products/service? Provide a numeric example considering the factors used in setting the prices

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Objectives 

This assignment gives you opportunity to develop attributes you are expected to have as a graduate of the University of Canberra. In particular, as a professional, communicate effectively; work collaboratively as part of a team, negotiate, and resolve conflict. As a global citizen, you are also expected to make creative use of technology in your learning and professional life.

This assignment enables you to demonstrate your ability to prepare a report on customer profitability, pricing decisions and competitor analysis after collecting data from a small business in Australia. Furthermore, you are required to prepare a video presentation on your assignment.

Required tasks

This assignment has two components.

1. In the first component, you will write a report mentioning literature review and empirical data collected for the purpose of study following a structured format of report (advised below).

2. In the second component, you are required to make a video presentation on the basis of your written report. In the development and writing of your report, you should able to answer the following questions for the case firm:

 

(Q-1) How does the small business set prices for its products/service? Provide a numeric example considering the factors used in setting the prices.

(Q-2) How does the business undertake competitor analysis?  Does it use formal or informal methods?   How does it collect the data needed for its competitor analysis?

(Q-3) How does the business undertake customer profitability analysis?

The small business:

The small business you choose for this assignment must operate primarily in Australia.  It must have not more than 10 full time equivalent employees. Any small business organisation having Australian Business Number (ABN) and meeting other criteria mentioned earlier will meet the requirements.

It is your responsibility to select the business organisation for the assignment. Organisations could be from variety of industries having various business activities that includes, (but not limited to)  pizza shops, grocery stores, food shops, coffee shops, computer repairing centre, mobile service centres, small tax firms, Restaurants business, Tutorial service and many more. One-person businesses such as that of a locksmith or handy man are permissible. A small business organisation operating solely on an online platform in Australia is also acceptable and the ten-employee rule applies.

You must provide details of the small business you have chosen e.g., business name and address. We reserve the right to contact the business for verifying that you have collected data from the business for your assignment.

By completing this empirical-based assignment you will, among other things, will learn how small businesses apply the tools and techniques of strategic management accounting in real life setting, in particular, competitor analysis, customer profitability analysis and pricing that  you learn in the unit.

 

Helpful tips:

A useful way to identify small businesses is to look around the locality where you live.  Building  rapport with those business’s owners and staff should enable you to collect relevant data from them. It is important that you note that you are not required to collect data, or ask any questions, about the business’s sales, revenue or profit. The businesses will generally not want to share this information which is regarded as private and confidential. Above all, financial information for your small business is beyond the scope of this assignment. Therefore, when you develop rapport with your small business, or collecting data, do not ask questions such as “Do you pay tax regularly?” Or if one small firm uses EFTPOS, but your chosen business does not, please do not ask “why isn’t the business using EFTPOS when similar firms are?” 

You can share with them that you are conducting this study for purely academic purposes and their business name and all other information collected will be completely confidential to the student group and the teaching staff at the University of Canberra.

 

Important note:

The assignment must be undertaken by a group consisting of 3 or 4 members.  Students may select their group members either from their own tutorial or from other tutorials.

Word limit:

2000 words (excluding information on business details, references, table of contents and executive summary). A 10% variation from the overall word limit is allowed.