Unit 1

Unit 1

Marketing
1. Price
  1. Price can influence customer perception of the brand
2. Place
  1. How the product gets from the producer to the consumer
3. Product
  1. Should have a USP
4. Promotion
  1. Needs to be appropriate for small businesses
    1. Local newspapers
    2. Leaflets
    3. Sales Promotions
Finance
1. Sources of finance
  1. E,g, loan from family and friends
    1. Bank Loan
      1. Overdraft
        Government grant
  2. Cash Flow
    1. NOT RELATED TO PROFIT
    2. A forecast of cash inflows and outflows
      1. To improve cash flow- decrease trade credit or reduce/reschedule outflows
2. Profit= revenue - costs
People in Business
1. 2 types of recruitment- internal and external
  1. Internal- cheaper, more motivating but not as many candidates to choose from
  2. External- more expensive but could get better skills
Starting a Business
1. Location- infrastructure, cost, customers etc
2. Franchisee- get marketing, training and advice to start business
3. Sole trader and partnership- unlimited liability
Operations Management
1. Job production
  1. Bespoke, specialised, high price, high quality
2. Batch production
  1. Produced in groups, more efficient
3. Customer service

Resource summary

	Created by Miss Maclachlan over 7 years ago