Summary: Business Notes Year 1
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1 Business Notes
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Why businesses exist
employment,
wealth,
new products,
enhance a country's reputation -
Advantages of being a Sole Trader
Making key decisions can be motivating,
Decisions can be made quickly so can quickly respond to changed in the market,
Sole traders often have direct contact with the market,
Setting up is straight forward -
Disadvantages of being a Sole trader
Sources of finance are limited,
Rely heavily on their own ability to make decisions,
Can entail long working hours with limited holidays, very stressful,
The personal possessions of sole traders are vulnerable due to unlimited liability -
Why remain a Private limited company instead of a public limited company
The desire to retain control over the company,
Taking decisions in the company's long-term interests
Enjoying the profits generated, -
Benefits of being a PLC not a private limited company
Assess to capital,
Publicity
Ability to take over other companies, -
Effect of interest rates
SPICED = strong pound, imports cheaper, exports dearer
WPIDEC= weak pound, imports dearer, exports cheaper -
Influences on marketing objectives
Internal = Finance, HR, Operations, Existing position, Overal Strategy
External = Political, Economic, Social, Technological, Competition -
Increasing labour productivity
training
new reward system
new technology
better management
new ways of working -
Difficulties in improving quality
Employees = may feel criticised, extra work, believe suggesting imporvements is the managers job not theirs,
Business = may have to find new supplier, pay for extra training, decide on a culture to develope -
difficulties constructing a budget
hard to accurately forecast sales
risk of unexpected change
decisions by governments and other public bodies
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