1.4.4 Business Plans Flashcards
Elements Of A Business Plan
Aims and Objectives, Target Market, Cashflow Forecast, Marketing Mix, Sources of Finance, Location and Business Idea
Marketing mix
A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.
price
how much you sell a product for
product
A good or service that can be used to satisfy a want.
place
A means of getting the product to the consumer
promotion
Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
sole trader
a business owned by a single person
unlimited liability
The owner is personally and fully responsible for all losses and debts of the business
limited liability
A form of business ownership in which the owners are liable only up to the amount of their individual investments.
income tax
A tax on people’s earnings
VAT
Value Added Tax. A tax applied to the sale of goods and services.
customer service
Assisting customer’s use of the product and thus maintaining and enhancing the product’s value.
