BUSINESS

IMPLEMENTATION
Implementing the Marketing Plans and
Strategies

Preparing a Business Plan Implementing a Business

Research – based
Very technical
Focused on coming up with
a methodical marketing plan
Plan
Strategy and tactics – based
Needs manpower to execute
Results – oriented
Actual Selling of a Product or Service
Various Selling Strategies
1.Cold Calls – seller calls random person who
has no relationship with the business yet but is
considered as a potential customer.

2.Consultative selling – dialog process between

the buyer and seller (who acts as an expert
consultant) as to how the buyer’s problems or
pain points can be addressed by the product or
service of the seller.
3.Direct selling – an independent direct seller
goes directly to the customer’s house or office
and presents his or her products for selling.

4.Persuasive selling – this is often associated

with being pushy but persuasive selling is
different in such a way that it is selling with
subtlety. This is positioning the product or
service as rare, limited, or recommended by
experts.
Implementing the Operations Plan
4Ms of Operation
Machine - for the production of the business.
- “BESTFRIEND” of manpower.
Manpower – persons needed and what their
qualifications are to operate the business
Methods – day – to day process and procedures
Materials – where to source materials easily
with a cheaper price and of good quality
Record Keeping – known as Bookkeeping –
systematic/chronological recording of business transaction

ASSETS = LIABILITIES + OWNER’S EQUITY

Normal Balances of Income Statement accounts:

Income – Credit
Expenses – Debit
Normal Balances of Balance Sheet accounts:
Asset – Debit
Liabilities – Credit
Owner’s Equity – Credit
Financial Accounts
Assets – owned resources
 Cash (cash on hand, cash in bank)
 Receivable (accounts receivable, notes
receivable)
 Merchandise for sale
 Prepaid expenses (rent, insurances, supplies)
 Furniture and fixtures
 Equipment
 Land
 Building
Liabilities – debts/financial obligations
 Payable (accounts payable, notes payable)
 Mortgage payable
 Unearned income
 Accrued expenses (unpaid salaries, interest, taxes,
etc.)
Owner’s Equity – owner’s claim
 Capital/Investment
 Drawings
 Net Profit or Loss
 Capital Stock
 Retained earnings
 Revenue
 Expenses
Key Bookkeeping Tasks
The Journal
- Book of Original Entry
- Journalizing – process of recording in the journal
- Journal Entry – record of the transaction
The Ledger
- Book of Final Entry
- Summarizing transactions upon individual
accounts
- T – Account
- Posting – from Journal to Ledger
The Trial Balance
- List of all accounts and their balances
Financial Statements
Balance Sheet – Statement of Financial
Position
Income Statement – Statement of
Operations, Earnings Statement of Profit or
Loss Statement
Cash flow Statement – outflows (payments)
and inflows (receipts)