1.4.2 - Business location Flashcards
Labour:
Workers or the workforce
Workers or the workforce
The number of people passing a particular location within a given time period
Demographics:
The characteristics of the population, such as gender, age, religion, and wealth
National Living Wage:
National Living Wage: The minimum amount that a business is legally allowed to pay its employees
Bulk-gaining product:
Bulk-gaining product: An end product that is bigger than the raw materials used to make it, such as a bicycle
Bulk reducing product:
Bulk reducing product: An end product that is smaller than the raw materials used to make it, such as a paper
Convenience good:
A product that a customer buys frequently or routinely
A product that a customer buys frequently or routinely
A product that a customer takes time to consider before purchasing, by looking up at and weighing up a number of options before choosing one
Topography:
Topography: The physical characteristics of a landscape, such as being flat or hilly
Inertia:
A tendency to keep things as they are rather than change
E-Commerce:
E-Commerce: Using the internet to carry out business transactions
M-Commerce:
M-Commerce: Using mobile technologies such as smartphones and tablets to carry out business transactions
Multi-Channel:
Multi-Channel: Using a number of methods to reach the customer, including physical stores and e-commerce
List the factors that affect the location decision
- Proximity to market
- Proximity to labour
- Proximity to raw materials
- Proximity to competitors.
List the factors of business activity
- Branding
- Visibility
- The importance of transport and communications infrastructure.
- Government inducements.
