Sac 2

Question 1

Define equity

Answer 1

Funds by owners, for commence + build

Question 2

Define triple bottom line

Answer 2

Economic, environmental and social performance

Question 3

Franchise

Answer 3

Buying, rights, to distribute, products under name

Question 4

Define sole propiertership

Answer 4

Owned 1 person, unlimited liability

Question 5

Define partnership

Answer 5

Uncompensated legal structure, min 2 max 20

Question 6

What are the 4 ps of marketing

Answer 6

Product
Price
Promotion
Place

Question 7

Why is the 4 ps used by small businesses

Answer 7

To reach target market

Question 8

Business explanation of name combat 4 fitness

Answer 8

Combat = strength , self defence
Fitness= for target market, everyone wants to be fit
4= 4 martial arts studied

Question 9

Define target market

Answer 9

Specific group, demographic of people, intends sell to

Question 10

3 objectives of combat 4 fitness triple bottom line

Answer 10

Environmental, fund charity of choice
Economically, create jobs
Environmentally, recycle trash

Question 11

Ownership of combat 4 fitness

Answer 11

Legal structure of sole trader, one person and unlimited liability

Question 12

Product of the marketing mix

Answer 12

Essential because source of income, must be produced high standard
Must compliment demand + needs of target market

Question 13

Price marketing mix

Answer 13

Cost, determine impression
Too high lose sales
Too low, cheap and nasty

Question 14

Promotion marketing mix

Answer 14

Advertising aspect. Tech forces assists, social media

Question 15

Place

Answer 15

Distribution, provides product where customer easy access.

Question 16

Strategies for product

Answer 16

Must meet demand, target market, produce sales and earn income

Question 17

Strategy for price

Answer 17

Affordable, not too cheap. Must satisfy customer

Question 18

2 financial performance indicators

Answer 18

Profit, debt

Question 19

2 non financial performance indicators

Answer 19

Customer satisfaction, employee satisfaction

Question 20

Benefits of developing a business plan

Answer 20

Viability
Proactive rather than reactive
Attention on goals and objectives
Indicates commitment
Identifies strengths and weaknesses

Question 21

Strategic goals def eg

Answer 21

Long term 3-5

Expand business, second store

Question 22

Tactical goals def eg

Answer 22

Medium term 1-2 years

Increase market share by 2%

Question 23

Operational goals def and eg

Answer 23

Short term goals -12 months

Increase profit by 5%

Question 24

Establishment costs def eg

Answer 24

Costs involved in setting up a business

Installation, nothing p/w eg

Question 25

Operating costs def eg

Answer 25

Involved in ordinary day to day running of the business

Bills and wages