Please enable JavaScript.
Coggle requires JavaScript to display documents.
business 1.4 revision (marketing mix (fulfill their marketing mix…
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.
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.
-
ownership
sole trader is a ownership it is when a person sets up a businessmen on their own and are self employed. this is a unlimited liability. this is seen as the easiest way to start a business as their is no legal requirements .
partnerships is a ownership it is when two people risk their money into a business they share financial risks, decision making, rewards etc. partnerships are often set up by lawyers, doctors, accountants. partnerships also have unlimited liability. partnership set up using a deed is partnership a legal document reporting how much each investor gets from profit and how much they invested
private limited company is a ownership it is incorporated business that is held by shareholders.shareholders are now to entrepreneur like family friends, business, contacts etc. shareholders have limited liability. a private limited company must have 'ltd' after its name meaning it is assigned with the UK government
liability
limited liability is when the entrepreneur is less risky to the investor because, they don't use their personal assets to pay of business debts. this is known as incorporated.
unlimited liability is when the entrepreneur uses his personal assets to pay off debts and risks of losing his/her house, car etc. if their business assets is not enough. this is also known as corporated
franchising
businesses decides to start a franchise instead of having a independent business means that the business owner the franchisor(business owner) gives permission to the franchisee(entrepreneur). the franchisee pays a share of the profit to the franchisor. this is seen as a less risky option
-
business plans
needs to include
-
-
-
Forecast revenue, cost and profit which is accounting revenue, cost being effort material and all resources needed for business and profit is the money you get to keep from the business for you personally
Cash-flow forecast calculating how much money goes in your business and how much money goes out. A cash flow forecast shows if a firm needs to borrow, how much, when, and how it will repay the loan
-
-
-