1.5 Location

Question 1

What does the term ‘business location’ refer to?

Answer 1

A place where a business decides to operate from

Question 2

What is the business’ “market”?

Answer 2

The people the business aims to sells its products/services to

Question 3

What does the term ‘bulk-gaining product’ mean?

Answer 3

Products that become larger than the raw materials used to produce them

E.g. a bike

Question 4

What does the term ‘bulk-reducing product’ mean?

Answer 4

Products that are smaller than the raw materials used to produce them

E.g. A smoothie

Question 5

What type of businesses like to be far away from competitors?

Answer 5

Corner shops
Barber shops
Petrol stations

Question 6

What type of businesses like to be as close as possible to their competitors?

Answer 6

Clothing shops
Cafés

Question 7

What does the term ‘target market’ mean in business?

Answer 7

A group of people or an area of the market a business aims to sell its products to

Question 8

What does ‘infrastructure’ refer to in business?

Answer 8

Facilities that support everyday economic activities

Question 9

What are some examples of infrastructure?

Answer 9

Roads
Phone lines
Gas pipes

Question 10

What is M-commerce?

Answer 10

Any transaction that takes place using mobile technologies (apps)

Question 11

What are the benefits of E-commerce and M-commerce for a business?

Answer 11

Lower costs
Lower risk
Access to larger market
Ability to be open for 24/7