when an individual is unable to pay their debts, even after all personal assets have been sold for cash.
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Limited liability
restricting the losses suffered by owners/shareholders to the sum they invested in the business.
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Private limited company
a small family business in which shareholders enjoy limited liability.
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Sole trader
a business run by one person; that person has unlimited liability for any business debts.
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Unlimited liability
treating the business and the individual owner as inseparable, therefore making the individual responsible for all the debts of a failed business.
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Franchising
paying a franchise owner for the right to use an established business name, branding and business methods.
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Royalties
percentage of the sales revenue to be paid to the overall franchise owner.
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Entrepreneur
a person who sets up a business and takes on financial risks in the hope of profit.
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Fixed premises
buildings that have to be where they are (for example, the high street); e commerce buildings can be located anywhere.
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Proximity
nearness, whether or not a business wants to be close to a factor such as
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Place
how and why the supplier is going to get the product or service to the customer; it includes selling products to retailers and getting the products displayed in prominent positions.
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Price
setting the price that retailers must pay, which in turn affects the consumer price.
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Product
targeting customers with a product that has the right blend of functional and aesthetic benefits without being too expensive to produce.
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Promotion
within the 4ps promotion means all the methods that a business uses to persuade customers to buy, for example branding, packaging, advertising to boost the long-term image of the product and short-term offers.
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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
Card 2
Front
restricting the losses suffered by owners/shareholders to the sum they invested in the business.
Back
Limited liability
Card 3
Front
a small family business in which shareholders enjoy limited liability.
Back
Card 4
Front
a business run by one person; that person has unlimited liability for any business debts.
Back
Card 5
Front
treating the business and the individual owner as inseparable, therefore making the individual responsible for all the debts of a failed business.
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