1.4 Making The Business Effective

Question 1

The major issues to be considered when choosing a location for business is:

Answer 1

• proximity to market
• proximity to suppliers
• proximity to competitors
• proximity to labour

Question 2

The market mix consists of:

Answer 2

• product
• price
• place
• promotion

Question 3

The marketing mix may need to change as a result of:

Answer 3

• competitors actions
• changing consumer needs
• technological change

Question 4

A business plan should include, what 9 things?

Answer 4

1) the business idea
2) aims and objectives
3) target market
4) marketing plan
5) forecast revenue, costs & product
6) cash flow forecast
7) sources of finance
8) location
9) marketing mix

Question 5

The owners of a …………. …………… or ……………… have limited liability for business debts

Answer 5

Soul trader, partnership

Question 6

The …………../…………….. of a limited company have …………… liability for business debts

Answer 6

Owners, shareholders, Limited

Question 7

…………… may choose to start up as a ……………

Answer 7

Entrepreneurs, franchise

Question 8

The most important factors will depend on what of the business?

Answer 8

Nature

Question 9

Choosing the right location will involve balancing potential revenues with the costs involved in the ……………..

Answer 9

Location

Question 10

What does a business plan help raise?

Answer 10

Finance

Question 11

A successful mix must consist of …. elements completing one another to create a ………..

Answer 11

4, image