Business

• Why is location an important factor for businesses?

  It benefits both staff and customers through transport or accessibility.
• What are the five factors that can influence business location?

  • Customer base
  • Cost of premises
  • Suppliers
  • Staff
  • Government law
• How do government laws impact businesses?

  They provide grants due to gaps in the market and may regulate certain products or taxes.
• What is a business plan?

  A business plan is a document outlining the business idea, financing, marketing, and implementation.
• Why is a business plan important?

  • Organizes future plans and identifies potential problems
  • Determines needed capital and spending
  • Prepares for future challenges
  • Calculates expenses
  • Persuades investors
  • Decides key factors like location
  • Explains the uniqueness of the business
• How can a business plan help in decision-making regarding location?

  It allows the business to decide key factors such as location based on organized information.
• How does a business plan keep an entrepreneur on track?

  It helps them avoid derailing by providing a structured approach to their business goals.
• What is the first component of a business plan?

  A Business idea
• What is the second component of a business plan?

  Target Market
• What is included in a business plan to outline the company's goals?

  Business aims and objectives
• What component of a business plan details how the business will promote its products?

  Marketing plan
• What does a business plan forecast regarding finances?

  Revenue, costs, and profit
• What is a cash flow forecast?

  A projection of cash inflows and outflows
• What does a business plan identify as sources of funding?

  Sources of finance
• What aspect of a business plan relates to where the business will operate?

  Location
• What is the marketing mix in a business plan?

  The combination of product, price, place, and promotion strategies
• What are the benefits of using a business plan?

  • Prepares the entrepreneur
  • Keeps the business on track
  • Attracts investors with well-received plans
  • Sets aims and organizes the business
  • Encourages careful consideration of all aspects
  • Allows continuity if the entrepreneur is ill
  • Shows possible risks for preparation
  • Enables strategic profit planning
  • Facilitates hiring experts if skills are lacking
• How does a business plan help if the entrepreneur is ill?

  It allows others to keep things going with a plan
• What does a business plan show regarding risks?

  It shows possible risks which you can prepare for
• How can a business plan contribute to strategic profit?

  It allows for more strategic profit planning
• What can an entrepreneur do if they lack a specific skill according to the business plan?


  They can hire an expert or buy in advice
• What is another word for legislation?

  Law
• What is the purpose of the Food Safety Act?

  • Prevent illness from food sold to the public
  • Requires hygiene training for sales staff
  • Mandates regular inspections of premises
• When was the Food Safety Act enacted?

  1990
• What does the Weights and Measures Act require for consumer products?

  • Products must notify the weight of their contents
  • Example: A bag of carrots must state its weight
• When was the Weights and Measures Act enacted?

  2006
• What information must consumers receive under the Consumer Credit Act 2006?

  • Information before entering a credit agreement
  • Interest rate charged (APR)
• What does APR stand for?

  Annual Percentage Rate
• What does the Trade Descriptions Act (1968) prohibit?

  • Providing misleading information about products or services
  • Misleading labeling of goods and services is an offence
• When was the Trade Descriptions Act enacted?

  1968
• What rights does the Consumer Rights Act (2019) provide to consumers?

  • Right to return a faulty item for a refund
  • Includes digital products and services
  • Option to repair the product at the seller's expense
• When was the Consumer Rights Act enacted?

  2019
• Who is responsible for correcting problems with a product?

  The seller (the store) is responsible
• How does consumer law protect consumers?

  • Protects against harm from misleading business practices
  • Example: Misleading claims about products, like Guinness beer being 'good for you'
• What is an example of misleading advertising mentioned in the study material?

  Guinness beer claimed to be 'good for you'
• A good business plan will be able to convince investors, banks or other financial institutions to invest money into your company.
• The business plan is the most important document that any entrepreneur must have
• What is the purpose of a business plan?

  To explain to investors why your idea would be successful among customers
• Why is it important to identify market trends in a business plan?

  It helps to focus on the growing market and key customers
• What should be included in the business aims and objectives section?

  A broad specific goal that provides value to society