Business Location and Site Flashcards
Accessibility
The location of where your business is located is important because accessibility to and from where the business is located is important. If 2 of the same shops open, one in a remote location and the other in a busy city. The one in the city would have lots more sales because of how easy it would be to get there.
Technology
The location of where your business is located is important if the location doesn’t have electric, wifi, mobile signal etc
Real Estate Costs
Choosing the right place for your business needs to be having a good amount of customers there and a cheap rent or purchase price for the location.
Location
A location is where the building of a business is located.
Site
A site is the land of where the business is located.
Q - Which type of business will need to be located close to raw materials?
Construction/Manufacturing companies
Q - What is meant by the term infrastructure?
The infrastructure is the “underlying structure” of a country and its economy, the fixed installations that it needs in order to function. These include roads, bridges, dams, the water and sewer systems, railways and subways, airports, and harbours.
Q - 3 Stakeholders that would benefit from an accessible site
Customers - Benefit from the business being closer to their home so that they don’t have to drive as far to the location, saving them time and money.
Suppliers - Benefit from the business being closer together so they can save time and money and being able to drop off to lots more stores in a shorter period of time.
Government - Benefit from the business being closer to more people so that it will slow down climate change.
Why can the closeness of competitors be good or bad for a business?
Good - Having competitors nearby can be beneficial for businesses, as it creates a cluster effect and encourages healthy competition. Being located near competitors is beneficial because it attracts fans of different brands, allowing them to easily compare and potentially purchase products from multiple brands.
Bad - Competition can be territorial (within the same location or area), where one business tries to force other businesses to close down by setting its prices extremely low or putting on offers that other businesses can’t compete with.
