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business 1.4 revision (Marketing Mix (place (where the customer can…
business 1.4 revision
Marketing Mix
place
where the customer can purchase the product. E.g. online, through a retailer or direct from a manufacturer.
price
the amount of money a customer will need pay for a product. This depends on the level of demand and competition.
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promotion
the range of activities a business uses to make its customers aware of its products. These would include a range of offers and advertisements.
Franchising
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, for example acting as an agent for a company's products.
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Business Location
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Location decisions can have a big impact on costs and revenues. A business needs to decide on the best location taking into account factors.
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Ownership and liability (sole traders, partnerships, private limited companies)
partnerships
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The main disadvantage of a partnership comes from shared responsibility. Disputes can arise over decisions that have to be made, or about the effort one partner is putting into the firm compared with another.
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sole traders
A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers, hairdressers or photographers are often sole traders.
disadvantages
The sole trader has no one to share the responsibility of running the business with. A good hairdresser, for example, may not be very good at handling the accounts.
Sole traders often work long hours. They may find it difficult to take holidays or time off if they are ill.
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advantages
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Generally, only a small amount of capital needs to be invested, which reduces the initial start-up cost.
As the only owner, the entrepreneur can make decisions without consulting anyone else.
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Business Plans
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them.
It may also contain background information about the organization or team attempting to reach those goals.
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