Locating the Business

Question 0

Stakeholder

Answer 0

Any individual/organisation with a vested interest in a business, eg. employees, customers, suppliers

Question 1

Start-up location

Answer 1

The physical place from which a start-up business will run

Question 2

Least cost site

Answer 2

The location which minimises financial outgoings

Question 3

Optimal location

Answer 3

The location that strikes a balance between costs and benefits

Question 4

Local market

Answer 4

Customers are located in a small geographical area, a short distance around the business

Question 5

National market

Answer 5

A geographically dispersed market where customers are spread all over the country

Question 6

Physical market

Answer 6

A situation where buyers and sellers meet at a given location to conduct transactions, eg. a retail outlet

Question 7

Electronic market

Answer 7

Where transactions take place in the virtual world, eg. over the telephone or online

Question 8

Quantitative factors (location)

Answer 8

Factors influencing start-up location based upon measurable financial costs/ benefits

Question 9

Qualitative factors (location)

Answer 9

Factors influencing start-up location based upon personal preferences/opinions/needs of the entrepreneur