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Making a business effective (Franchise (Brand reputation and image are…
Making a business effective
Sole trader
Makes all decisions
Quick and easy to set up
Keeps all profits
Financial information is kept private
Unlimited liability
Harder to raise capital
Lots of pressure
No one to cover position
Partnership
Owners may have wider expertise
Owners share risk
Easier to raise finance
No longer exists if one partner leaves
Profits are shared
Partners may disagree
PLC
Owners have limited liability
More trust in business
Continues to trade if shareholders change
Easier to establish capital
More complex to set up
Shareholders may dissagree
Financial information is published
More media attention
Franchise
Brand reputation and image are already created
Less marketing needed
Access to tested products
Established customer base
Higher chance of survival
Support and training
High cost of initial investment
Owner has little freedom
Royalty fee
Restrictions on franchise set up
Business location
Transport
Competitors
Market
Labour
Materials
The marketing mix
Product
The attributes of a product
Place
The way the product is distributed
Promotion
Advertising
Sales promotions
Sponsorship
Public relations
Price
Must reflect value of the product
Changing needs
Adding features to a product to incorporate new trends and technology
Adjusting price in response to competition
Advertisement campaigns to help a failing product
Selling products though popular retailers
Allowing customers to return online products free of charge