retail business revision
what is a hybrid?
A mix of two retailers to form one.
franchise
buy the right to sell good or services of another business and is allowed to use the franchisors name.
concession
pay to sell your products on another premises/store.
diversification
involves the business looking at developing more products even venturing into a brand new market
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marketing
introducing a new advertising campaign such as putting a new advert into the local newspaper or local radio, more people would become aware of the business
public limited company
Owned by shareholders who can be anyone, Tend to be large sized businesses. Business name will end in PLC. Shareholders receive money in the form of dividends.
sole trader
one person owns the business, can employ as many people as they want. Tend to be small businesses such as local newsagents and hairdressers.
Partnership
2-20 partners can own the business, a deed of partnerships needs to be drawn up containing all legal documentation. Tends to be businesses such as solicitors and accountants.
Private limited company
Owned by shareholders who are family and friends only, tend to be a medium sized business. The business name will end in LTD.
Franchising
Very easy and quick way to expand the business and earn a lot of money at the same time. The franchisee deals with the day to day running of the business so no stress
social enterprises
businesses who aim to make a difference rather than make as much profit as possible. Aims for the business include helping the disadvantaged, helping the homeless and giving back to the local community.
Charities
Interested in making a difference and helping a good cause. Has to make money to survive, Any profit (surplus) made is reinvested into the business and not kept as profit
co-operatives
A co-operative is a group of people acting together to meet the common needs and aspirations of its members, sharing ownership and making decisions without any arguments
footfall
The number of customers to step foot in a store
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breakeven
Where the business doe not make loss or profit, you are recovering the money that it initially cost to set the business up in the first place.
sustainable
where you are trying to decrease the amount of energy that is used in order to make sure we have enough for future generations
ethical
means acting in a moral manner that is viewed as good in society
customer satisfaction
ensuring all the customers are happy with their products and service from the retail shop.
infastructure
strong transport links