...Unit 1 - Setting up a Business Revision Guide Exam Details Unit Title: | Unit 1 – Setting up a Business | Type of Assessment: | Written Paper (1 hour) | Marks available | 60 marks - 40% of the GCSE | Date of the examination (and session) | Tuesday 22 May 2012 | The Syllabus Section 1 – Starting a Business | Content | | R | A | G | 1 | Enterprise: What is business? | | | | | 2 | Finding a gap in the market | | | | | 3 | Franchises | | | | | 4 | Business objectives | | | | | 5 | Business objectives: measuring success | | | | | 6 | Business objectives: stakeholders | | | | | 7 | Business plans | | | | | 8 | Business risk and uncertainty | | | | | 9 | Legal structure: sole trader and partnership | | | | | 10 | Legal structure: limited and unlimited | | | | | 11 | Locating the business | | | | | Section 2 – Marketing | Content | | R | A | G | 1 | Market research with limited budgets | | | | | 2 | Market research methods | | | | | 3 | The marketing mix | | | | | 4 | The marketing mix: product | | | | | 5 | The marketing mix: price | | | | | 6 | The marketing mix: promotion | | | | | 7 | The marketing mix: place | | | | | Section 3 – Finance | Content | | R | A | G | 1 | Finance for small businesses | | | | | 2 | Support for small businesses | | | | | 3 | Financial terms and basic financial calculations | | | |...
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...Importance of stakeholders (easy Jet) List in order of importance 1. Owners 2. Employees 3. Customers 4. Suppliers 5. Government 6. Media 7. Trade unions 8. Local businesses 9. Local and/or national communities Owners are by far the most vital stakeholder in the running of the business, I believe that they are the reason that the business is up and running they allow for vital decisions to be made within the business, things such as various location of the branches have to be carefully taken into account to therefore determine the success of the business. In easy jets case,Sir Stelios Haji-Ioannou created a huge success of the company by considering all aspects of the business carefully. Things such as locations, prices, and employees had to be individually assessed in turn to create and put the business in a safe position, this allowed for easy jets to get where they are today. Employees offer a number of great services from the way in which customers are treated to the taste of their food on the aeroplanes, they in turn are second on the list because of the way in which they help or even so assist the business on the road in the right direction, they are a vital organ of the business in my opinion and if they were to be affected the business would not function as well as they do to this day. I believe they are above customers in the list of importance because if easy jet did not have workers willing to work then there would not be adequate services provided to...
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...Faculty: Business and IT Exeter College BTEC Assignment Brief |Course Title: BTEC 90 Credit Diploma in Business/BTEC Certificate in | | |Business | | | | | | | | | | | | | | | |[pic] | | |[pic] | | | | |Assignment Title:...
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...Nzuku | Date Issued | Completion Date | Submitted on | 11/9/2015 | 28/9/2015 | 28/9/2015 | Qualification | Unit | BTEC LEVEL 3: EXTENDED DIPLOMA IN USINESS | Unit 1: The Business Environment | Assignment Title | A magazine to promote local businesses in Nairobi County | In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. | Criteria Reference | To achieve the criteria the evidence must show that the learner is able to: | Task no: | Page numbers | P1 | Describe the type of business, purpose and ownership of two contrasting businesses | 1 | 1 to 7 | P3 | Describe how two businesses are organized | 2 | 8 to 10 | P4 | explain how their style of organization helps them to fulfil their purposes | 2 | 8 to 10 | Learner Declaration | I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.Learner Signature: Bayan Kaid Date: 28/9/2015 | YOUNG INVESTORS MAGAZINE UNIT 1: Business Environment By: Bayan Kaid | 9/19/15 | Teacher: Fred Nzuku | Contents | Page number | Task one (P1) * Introduction of business & magazine………………… | (1,3) | * Private sector Business: Safaricom………………….. * Introduction to Safaricom……………………………. * Safaricom Competitors & no of employees…………....
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...Assignment List: BUSN105-1202B-291 : Introduction to Business View Printable Page Assignment List Unit 1 - The Business Environment Reading Assignment: Introduction to Business, Chapters 1-4 and Appendix A Assignment Type: Individual Project Deliverable Length: 2-3 pages Points Possible: 125 Due Date: 4/29/2012 11:59:59 PM CT Legal, Social, and Economic Environments of Business Before you begin, review the following resources: Review APA Style Sample Paper here. Complete the APA style tutorial here. Review the Frequently Asked APA Questions here. Read Course Welcome Letter here. Click here to read the scenario. Based on the business scenario you have just reviewed, you will prepare an APA formatted paper that reflects your knowledge of the legal forms of business. Specifically, you will make a management decision regarding the legal form of business you believe would be appropriate to enable the firm to successfully address the business issues it is currently facing. Keep in mind that from a legal perspective, businesses are organized as one of the following: Sole Proprietorship Partnership Corporation Click here if you would like to see a What-If Analysis for this assignment. At a minimum, your paper should include: A brief interpretation of the scenario issues. The advantages and disadvantages of each business type (sole proprietorship, partnership, and corporation) when compared to the issues and each other. ...
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...Unit 1 Business Environment ntroduction For this task I have been asked to discuss the stakeholder’s aims and objectives of my two businesses. It is important for stakeholders to have an influence as they can offer ideas and anything the company is doing is in their interest. Aims of Waitrose • The aims of Waitrose are to offer a top quality service and also try have get their customer to be eating organic affordable food by 2012. • They also are trying to get their own farm to own and grown organic crops. Objectives of Waitrose • One objective of Waitrose is to try and have regular employee reviews to try and make sure the service they provide is at a high quality. • If the company are going to make profits then they will have to find their own land if they want to grow crops. By having their own land it will be cheaper to grow crops and they won’t be paying rent for the use of land. • If the company is going to have their customers eating organic crops by 2012, they will have to make sure that they identify the customer’s needs meaning find out what they like so they can cater for them. • The company have recently been looking for land to grow organic crops on as they are trying to promote their policy or organic. Waitrose stakeholders Bank – the banks are very big stakeholders because if the company need instant money for a new investment then they will turn to the banks. This stakeholder seeks to achieve profits because they will be charging interest on...
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...Unit 1 Business Environment Ana Maria Vid 27th Nov 2015 Unit 1 Business Environment I hereby confirm that this assignment is my own work. I have identified and acknowledged all sources in this assignment and have referenced according to the Harvard referencing system. I have read and understood the Plagiarism and Collusion section provided with the assignment brief and understood consequences of plagiarising. Name: Ana Maria Viorica Vid Registration No: Signature: AV Date: 27th November 2015 Table of content Introduction 4 LO1.1 5-6 LO1.2 7-8 LO1.3 9 LO2.1 10 LO2.2 11-12 LO2.3 12 LO3.1 13 LO3.2 13-14 LO3.3 15 LO4.1 16-17 LO4.2 17-19 LO4.3 19 Conclusion 20 Reference 21 Introduction In this assignment I will do two reports that are mainly related to British Airway and I will discuss about its mission and vision and features strategies that they will implement. Also, I will talk about stakeholders and economic system, monetary policies and fiscal environment. Additionally the report will contain British airway PESTLE and SWOT analysis. Note: This assignment is a resubmission for the following...
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...The Princes Trust advice leaflet Business ownership & organisation Abhinav dixit Abhinav dixit Types of organisations | Explanation of ownership | Example of organisation with this ownership | Provides product or service | Local | Local shops are just in the area, and is mostly owned by sole trader which means he is on charge of the running of the business day by day. | Restaurant: trattoria sorrentina. | It could provide product and service as well depending on the kind of the business. | National | National organisation usually are more than 2 outlet under working under the same outlet brand, which means they provide the same products no matter where the outlet is.The ownership of these are partnership or stake holders. | Morrison, | They provide products food and grocery | International | International is when the organisation is working in more than 2 countries under the same brand. This organisation is plc | H&m | They all provide products such as cloths | Global | Global organisation all over the globe and this organisation are own by a stakeholders which means global company are privet limited companies. | Macdonalds, | They provide products being a restaurant fast food they provide burgers and chips and drinks. | Public | All the public organisation are made for the public benefit use and are owned by the government. | NHS, | They provide service such as health care. | Private | Privet are all owned by people who looks just for profit...
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...P1: describe the The marketing mix- 4 p’s – product or service offered by a business The promotional mix – 7 p’s looks at the promotions a business uses for a product. Coke is targeting individuals as they have put name on the bottles and to try and persuade you to buy it because it has your name on it. McDonald’s- save4 menu- showing that there is something there for everybody. When did both campaigns run- Coca cola- 2012 during the summer –the Olympics. McDonald’s 2012 The marketing mix looks at the 4 p’s at the promotional mix looks directly at the promotions Personal selling does not apply to the business. Retailers of the product (coke) offer promotions. Public relations- McDonalds got sued for the beef patty they used to sell to customers which was made up of water and other harmful chemicals Coke- does not have any public relations. Direct marketing- coke are targeting people who specially want to buy their product. Sponsorship – both used the Olympics to boost sales, recognition of the products, improve sale i.e. revenue. * The purpose and objectives of the promotional mix Does it apply to McDonalds and coke? Corporate image – McDonald used this because they are a fast food restraint at it leads to bad things such as obesity. Most of the time they promote their products to businesses but in this case they promoted their products to individuals as customers could purchase a coke with their name on it and it would get sent...
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...The task of this assignment was to do some research, gather information and process the information to better understand a product. In this week we decided to look at our local pizza spots and see how good the deals really are. I chose two locations that I eat at on a regular basis and I was very surprised at what I discovered. In order to set a baseline for this project I chose to stick to the Small, Medium and Large Pizza deals. These prices are all based on a one topping peperoni pizza. In both cases though the prices were different, the extra toppings were both $.75 apiece. Since this was a constant variable for both locations, I decided it wasn’t that necessary to include. The two locations I decided to use were “I Love NY Pizza” and “2 Guys Pizza.” Both of these places have excellent pizza and it’s more of a convenience when I am deciding where I eat. With this new information though, I might be sticking to one location for now on though. Here are the results of my research: With this Data I am able to see that the Medium pizzas are comparable between the two places. The biggest difference in price would be in the small and large pizzas. When you factor in not only price, but also what you are getting for that price, I would have to say 2 Guys Pizza takes the win. They offer a great price of only $.01 a sq. in and the pizza itself is 300 sq. in larger than I love NY Pizza. When you look at this project as a whole there are a lot of variables that weren’t taken into...
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...P6 - Describe how political, legal and social factors are impacting upon the business activities of the selected organisations and their stakeholders. Political Factors: Tesco Government support with an organisation as big as Tesco's there will be many topics that may affect them. For instance political. This could include government support, provide, enhancing skills of the working population of Tesco's which may include training days or induction days if you have just been previously employed. The main factor could be government support which has to routes that it can go down. Direct support or indirect support which also includes the fiscal policy which is linked with taxes, vat and cooperation tax. Loans may be offered to Tesco if they are struggling with been able to spend money on buying new products and better products. For example, during the recession Tesco might not be doing as well as they need to be and they might not be able to spend much money on new things which would increase the amount of money they make. They may then take a loan out from the government so that they can afford what they need to buy. However, they do need to pay this back as well as the interest rate. So for example if Tesco had taken a loan from the government which were £1000 and the interest rate was 5% Tesco would have to pay the government back with £1150. However Tesco don’t normally take loans out because they are never short of money as they are such a big global organisation. ...
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...has an interest in what a business does or an influence upon the business. BT has many stakeholders, for example, internally there are employees and externally there are suppliers and the government. All stakeholders have an interest in the business so they therefore have an influence in BT in one form or another. Within BT there are many different stakeholders that work together. For example employees may communicate with directors and managers. However, not all of these stakeholders work together which can lead to conflict of interest which I will discuss later on. One of the most influential stakeholders of BT is its Director, Sir Michael Rake. BT’s director would be directly involved in the day to day running of the business as well as making executive decisions. An example of this could be things like the purchase of raw materials and direct contact with the directors of their suppliers to carry out negotiations and contracts. Also the director of BT would make critical decisions for the business such as launching new products lines, or adding new products to the range of products that they already have. I researched an example of this, and discovered that BT already provided broadband connections to millions but in 2010, BT launched superfast 'infinity' broadband that is five times faster than standard connection . This just goes to show that stakeholders like the director of BT can have a direct positive impact of the operation of the business. From a critical decision...
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...sources. These ways include; verbal, written, on-screen, multimedia and web-based. P1 Verbal Face-to-face verbal communication is the simplest type of communication to understand, people are less likely to misinterpret things that are being said. In the business environment it is not always possible to meet in person and is more convenient to talk on the telephone. Telephone conversations are also an effective way of communicating and it is important to use a variety of different methods. There are many ways of using verbal communication. Talking is the most effective and comfortable way for most people to communicate. The purpose of using verbal communication is that it is the simplest type of communication. It is used very often in boots stores. For example when customers come into store and need to find out the location of the product. It is very commonly found on a day to day basis. It is used all the time when communicating to customers. For example yesterday I was helping a customer, whilst working on the perfume counter, to find a suitable perfume for her daughters 16th birthday. Written Written communication is one of the most common forms of communication within the business environment. It is key that small business owners and managers have a good level of effective written communication. This will boost the employees to improve their written skills. Examples of written communication that are used on a daily basis within Boots include: * Email * Internet website ...
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...An Inventor and His Struggles to Start His Business Troy Wollenbecker AIU Online Abstract Troy has an invention that he wants to start a business around. He finds out very quickly all the questions he needs to find answers to. Troy has a family and low net worth to get things moving. Troy also knows little about managing and financial responsibilities of running a business. These are all struggles Troy faces in the midst of inventing and patenting my project. Making the correct decisions is vital to the success of my business. After reading through the scenario at hand, I have come across some issues that need to be resolved. First, I need to decide on the structure of the business. Second, I am limited on funding for my start-up costs. Third, I am not skilled at business financials or management in business operations. Finally, the market is saturated and annual growth is only two percent. Over the next few paragraphs I will compare and contrast the different types of ownerships in business, and hopefully make a managerial decision on the scenario. Sole Proprietorship: This is a Non-Corporate form of ownership. Some examples of the advantages of this type of business ownership are easy to start-up, low cost, and it is very simple to structure. Disadvantages are that you are solely responsible for all the debt incurred by the business, and it is very difficult to sell in the future. Also, the success is often dependent upon the sole proprietor and his...
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...businesses, the business I have chosen are Tesco and Asda. Also I will be talking about the interest of owners, customers, suppliers, employees, trade unions and shareholders have in the businesses. Another point I will be talking about is why business have to consider local communities and pressure groups when operating their business. Tesco and Asda key Stakeholders are; Customers: Customers want good quality products and services for affordable prices, customer want to shop at Tesco and Asda and receive well experience whenever they shop there. Also Tesco must always understand that meeting customers needs and expectations are very important, otherwise they will lose customers are profits. Suppliers Tesco would buy resources that they have needed of to produce goods and services from suppliers, so Tesco and Asda needs to have an effective relationships with their suppliers in order to get quality resources at reasonable prices which intern will help Tesco and Asda to sell products cheaper if they get it cheaper this means Tesco and Asda will then make their customers more happy because they are getting good quality products and services for affordable prices, but this is a two way process as suppliers depend on the business they supply to earn money. Owners Owners would want the business to run smoothly and earn from it so the interest they would have in the operations of the business would be that they will like to earn as much money as possible from the business. However...
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