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Business

Spec 1.4 (Making the Business Effective)

QuestionAnswer
What does unlimited liability mean? - The owners are fully responsible for all debts owed by the business - Owners are legally responsible for any unlawful acts committed by those connected to the business - Owners may have to use personal assets to pay off debts
What does limited liability mean? Shareholders are not responsible for legal debts and can only lose the money they put into the business
What are the 5 forms of business? 1. Sole trader 2. Partnership 3. Private LTD company 4. Public LTD company 5. Franchise
Name a pro and a con of having a sole trader business PRO: Owner has complete control over the business CON: Owner has unlimited liability
Name a pro and a con of having a partnership business PRO: Shared knowledge and experience with partner CON: Potential for disputes between partners
Name a pro and a con of having a private limited company PRO: Limited liability CON: More expensive and time-consuming to set up
Name a pro and a con of having a franchise PRO: Centralised advertising + already have a recognised brand CON: Royalty costs
What 3 factors affect business location? 1. Nature of the business 2. Impact of the Internet 3. Proximity (to competition, labour, market, materials)
What are the 4 P's Product, Place, Price, Promotion
Why is promotion an important part of the marketing mix? It generates awareness and interest from customers
How will high competition affect the price? Business may need to lower price/offer discounts in order to compete
How will high competition affect the place? Business may need to locate themselves in an area with high foot traffic or use online channels
How will high competition affect the product? Product must be differentiated to stand out
How will high competition affect the promotion? May need to increase marketing expenditure to reach customers
What 2 main things does a business plan do for a business? 1. Help the business raise finance 2. Give the business direction
Created by: JoeMather
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