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IGCSE Business (Key words in business (Price, Product, Promotion, Place,…

- - - - Responsibilities and decision making are shared
      - Continuity and support is possible. several partners means that the business does not come to stop if one partner is ill or takes a holiday
    - - The size of the business is limited by the total numbers of partners allowed
      - Profits are shared
  - - - Franchisors recive a proportion of income from the franchisee in the form of a licence
      - Franchisees are often starting a business that already has a well -known name and has tried and tested in other areas. it is therefore less risky
    - - Popular franchises can be very expensive
      - Franchises have to sigh a contract with the franchiser and often this ties them to rules and regulations
- - - - Loans
        
        Which are repayable over many years at low rates of interest.
      - Tax breaks
        
        For example firms may be made exempt from paying business rates.
      - Grants
        
        To help with the cost of setting up a business. Grant money that does not need to be repaid
  - - - Staff
        
        Are there significant numbers of local staff with the right skills willing to work at the right wage
      - Customers
        
        Is the location convenient for customers ?
      - Support services
        
        Are there services offering specialist advice, training and support ?
      - Cost
        
        How much will the premises cost ?
        
        Those situated in prime locations
        
        (Such as city centers)
        
        Which is more expensive and which is more ideal for the business
  - - - An efficient transport network enables staff to get to work easily. It also allows supplies be brought in from far a field and permits finished products to be moved to market cheaply and quickly
        
        The impact of location depends on the type of business.
        
        For example it is very important for shops and restaurants to be conveniently located or customers. A delivery-only takeaway may prefer to locate in inexpensive premises on the edge of town close to goo transport links.
      - Example of infrastructure
        
        Phone lines
        
        gas pipes
        
        Roads
- - - - Government laws are used to protect the environment. For example firms must apply for planning permission before building factories or offices on greenfield sites. Grants are available to encourage firms to locate on brownfield sites, run down areas in need of regeneration.