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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.

3) Why start…

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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…

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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…

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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.




19)

Partnership

Advantages: Disadvantages:

Few procedures needed to set up Unlimited liability

Shared expertise of partners combined Profits must be shared…

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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…

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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…

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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…

Comments

Hannah Khan

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Ann wasnt this our homework

Ann

Report

yes this was


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