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Starter. How could they measure success?. Measures of success. Lesson Objectives. Today you will learn: Different ways to measure a business’s success. You will be successful if you can: Identify 3 ways to measure the success of a business Explain each feature using real business examples

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  1. Starter How could they measure success?

  2. Measures of success

  3. Lesson Objectives Today you will learn: • Different ways to measure a business’s success. You will be successful if you can: • Identify 3 ways to measure the success of a business • Explain each feature using real business examples • Compare businesses to see which is most successful using real examples

  4. Different ways a business could measure success Financial • This could be looking at the sales (number of), revenue or profit figures. Questions: • Comparisons of supermarkets are usually based on revenue. Can you think why? • If a supermarket was to see if it was getting more successful it might look at profit. Can you think why? • A burger van outside a football ground might see if it is getting more successful by looking at its sales figures. Can you think why?

  5. Task: Successful Supermarkets Look at the data for the two supermarkets – both have data for several years: • 1. Comment on how each business has done based on its previous years data. • 2. Compare the two supermarkets for 2013 – which is more successful and why? Resources: Paper copies of summary of accounts

  6. Different ways a business could measure success • Social • This could be looking at the popularity of the business. In media this could be likes on Facebook or followers on Twitter. • For a social enterprise it might be the number of people that benefit from the service e.g. “New Day Children’s Centre” in Ethiopia look at how many children attend the centre.

  7. Social Enterprise Research Task: Find an example of a social enterprise business, find out what it does and decide how it might measure its success. • Use this link http://www.socialenterprise.org.uk/membership/members-directory

  8. Different ways a business could measure success Customer Satisfaction • This could be done by looking at the positive and negative feedback that the business gets from its customers. They could get this from conducting surveys, feedback cards, online questionnaires, number of complaints received.

  9. Customer Satisfaction Feedback The businesses below focus very strongly on providing an excellent service. Using the links provided decide if their business is successful or not based on customer satisfaction. Help: Should you find it difficult to think of an example consider hospitality industry or NHS, Trip advisor • Tyneside Cinema • Theatre Royal • Vermont Hotel

  10. Task: Think of a local business and decide on the way(s) that it might measure its success. Explain why it might use this (these) methods.

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