1.4 Making the Business Effective

Bankrupt

When an individual is unable to pay their debts.

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Limited Liability

Restricting the losses suffered by owners.

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Unlimited Liability

Treating the business and the individual owner as inseparable.

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Franchising

Paying a franchise owner for the right to use an established business name.

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Royalties

Percentage of the sales revenue to be paid to the overall franchise owner.

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Fixed Premises

Buildings that have high to be where they are.

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Marketing Mix

Place, Price, Product and Promotion.

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Business Plan

A detailed document setting out the marketing and financial thinking behind a proposed new business.

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Other cards in this set

Restricting the losses suffered by owners.

Limited Liability

Treating the business and the individual owner as inseparable.

Paying a franchise owner for the right to use an established business name.

Percentage of the sales revenue to be paid to the overall franchise owner.

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