Business Studies Unit 1.4

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  • Making the start up
    • Customer Focus
      • Customer focus is when a business meets the required needs of their customers
      • A business needs to focus on customers to make sure that they are repeat business and enjoy their visit. This leaves the customer spreading good word of mouth
    • Marketing Mix
      • 4 P's
        • Place
          • Anywhere you can buy food
        • Product
          • Diet, zero, life, classic, caffeine free, fanta, sprite
        • Promotion
          • T.V adverts
        • Price
          • £1 +
        • E.g Coca Cola
    • Limited Liability
      • Unlimited liability is when the owner of a sole trader/partnership business are responsible for the business
      • Limited liability is when there is a set amount of debt a business can go into
        • This is for franchises
    • Start Up Legal and Tax Issues
      • What should a business name have
        • What is it going to sell/produce
        • has to be catchy
        • different to other businesses
        • will it promote the business
        • it cannot be a trademarked name
      • Keeping Records
        • what do you have to keep records of?
          • Sales or things sold
          • Stuff brought
          • Supplies in stock
          • Employees
          • Address of Supplies
        • Why do you have to keep records
          • You have to keep records so you are being paid the right amount of taxes for what you sell
      • HMRC
        • HMRC stands for Her Majesty's Revenue and Customs
        • What can they do?
          • They can fine a business for paying taxes late
          • They can take businesses to court for not paying tax
          • They can ask to see tax and payment records
    • Customer Satisfaction
      • Customer satisfaction is a measure of how much products/service meets the customers expectations
      • Businesses also have to think about word of mouth
        • Word of mouth is if someone has a good experience, then they will tell friends and family and will mean an increase in customers
      • It is key to success
    • Recruitment, Training and Motivation
      • Recruitment - what you need to do
        • Job particulars
        • Job adverts
        • Job description
        • Person specification
        • Application
        • Selction
      • Training
        • It is very expensive to do off-site training
        • There is on-site and off-site training
      • Motivation
        • Motivation is key for your employees to be happy and make repeat business
        • You can motivate your employees by:
          • Giving bonuses
          • Give extra days off
          • Set targets

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