1.4.4 business plans Flashcards

1
Q

Elements Of A Business Plan

A

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

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2
Q

Marketing mix

A

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

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3
Q

price

A

how much you sell a product for

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4
Q

product

A

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

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5
Q

place

A

A means of getting the product to the consumer

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6
Q

promotion

A

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

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7
Q

sole trader

A

a business owned by a single person

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8
Q

unlimited liability

A

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

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9
Q

limited liability

A

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

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10
Q

income tax

A

A tax on people’s earnings

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11
Q

VAT

A

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

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12
Q

customer service

A

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

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