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Ann Zaheer Business Studies
Starting a Business
1) Business an organisation that is set up to provide goods or services to customers; it is
done to generate a profit.
2) Entrepreneur A person who has an idea for business taking on a financial risk to pursue
it.…read more

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Ann Zaheer Business Studies
Achieve a greater market share
Customer satisfaction
9) Turnover amount of money generated by a business on a particular period of time.
10) Stakeholders a person with an interest in the business.
11) Examples of stakeholders:-
Community
Employee
Bank manager
Supplier
Shareholder
Customers
Manager
12) Business plan how a business attempts to achieve it aims and objectives.…read more

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Ann Zaheer Business Studies
14)
Risks
General: Functional:
Business failure ­ complete closure or Marketing ­ the market research data is
bankruptcy incorrect and so errors are made.
Partial business failure ­closure of certain Sales ­ customers' incomes change - no
parts of business/divisions longer able to afford product
Loss of earnings ­ for the owner or Operations ­ competitor get new
employees technology making it more efficient then the
business.…read more

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Ann Zaheer Business Studies
18)
Limited
Advantages: Disadvantages:
Limited liability Management conflict
There is no double taxation The company will dissolve if a member goes
bankrupt or passes away.…read more

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Ann Zaheer Business Studies
Marketing
1) Market research helps a business find out about the marker i.e. customers and potential
customer.
2) Primary research gathering new data specifically for the (purposes identified by the)
business.
Primary research
Advantages: Disadvantages:
Questions directly related to business are Collecting the data can be very expensive.
asked.
The data is recent so up to date and Collecting the data can be very time
relevant. consuming.
3) Secondary research research containing data already gathered for another purpose.…read more

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Ann Zaheer Business Studies
Internet research
Trade Publications
General media
Government statistics
6)
7) Small firms adapt their products :-
To increase sales
To increase customer loyalty
8) Product range the term given to all products made/sold by the firm.
Product differentiation attempting to make you product stand out from those of your
competitors.
9) Demand is the amount of products consumers are willing and able to buy at the current price
level.…read more

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Ann Zaheer Business Studies
10) A simple rule for pricing is that businesses should charge at least enough to cover the costs
of buying/making the product; failure to do so will lead to a loss.
11) Factors affecting price:-
Price charged by competitors
Smaller businesses will have to accept a lower price margin or offer a great deal of
customer service to entice customers
Penetration pricing-- to set a low price initial to build a customer base and gradually
raise the price.…read more

Comments

Hannah Khan

Ann wasnt this our homework

Ann

yes this was


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