business location Flashcards
state the factors influencing business location
proximity to: market, labour, materials and competitors
nature of business activity
impact of internet on location decisions eg e commerce
e commerce benefit
reduces need for business to be near customers, warehouses and fulfilment centres become more critical
fixed premises
essential for businesses that require face to face customer interaction or physical retail space
nature of business activity
competitive environment
dynamic environment
interdependence
different scales/levels (global)
importance of proximity to materials
minimises transportation costs, especially for manufacturing businesses
importance of proximity to market
before setting up in a particular location, a business may look at the footfall of the location or research the demographics of the area to see if it matches their customers
what is footfall
the number of people passing a particular location within a given time period
what is the labour
workers or workforce
what are demographics
the characteristics of a population
national living wage
the minimum amount that a business is legally allowed to pay it’s employees
what is a bulk gaining product
an end product that is bigger than the raw materials used to make it, such as a bicycle
bulk reducing product
product that is smaller than the raw materials it uses, eg paper
what is a convenience good
a product that a customer buys frequently or routinely
what is a shopping good
a product that a customer takes time to consider before purchasing, by looking at and weighing up a number of options before choosing one
what is topograohy
the physical characteristics of a landscape eg flat or hilly
