1.4.4 business plans

Question 1

Elements Of A Business Plan

Answer 1

Aims and Objectives, Target Market, Cashflow Forecast, Marketing Mix, Sources of Finance, Location and Business Idea

Question 2

Marketing mix

Answer 2

A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market.

Question 3

price

Answer 3

how much you sell a product for

Question 4

product

Answer 4

A good or service that can be used to satisfy a want.

Question 5

place

Answer 5

A means of getting the product to the consumer

Question 6

promotion

Answer 6

Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.

Question 7

sole trader

Answer 7

a business owned by a single person

Question 8

unlimited liability

Answer 8

The owner is personally and fully responsible for all losses and debts of the business

Question 9

limited liability

Answer 9

A form of business ownership in which the owners are liable only up to the amount of their individual investments.

Question 10

income tax

Answer 10

A tax on people’s earnings

Question 11

VAT

Answer 11

Value Added Tax. A tax applied to the sale of goods and services.

Question 12

customer service

Answer 12

Assisting customer’s use of the product and thus maintaining and enhancing the product’s value.