Business · Topic 1: Investigating small business
Making the business effective
The choices that help a small business succeed: how it is owned and whether to buy a franchise, where it is located, how its marketing mix fits together, and how a business plan reduces risk and helps raise finance.
Lessons
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1
Business options
A new business owner must choose how to own the business - as a sole trader, a partnership or a private limited company - and whether to start from scratch or…
10 terms -
2
Business location
Where a business locates can decide whether it succeeds. Owners weigh up how close they are to customers, workers, materials and competitors - and the internet…
6 terms -
3
The marketing mix
The marketing mix is the four Ps - product, price, promotion and place. A small business succeeds when all four fit together for its target market, and when it…
7 terms -
4
Business plans
A business plan brings together everything an entrepreneur has worked out - the idea, the aims, the market, the finances, the location and the marketing mix…
5 terms
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- Business options.pptx Built from the lesson script on 25 September 2026. View
- Business options - Completed Notes.docx The full notes for the lesson, to revise from. Built from the lesson script on 25 September 2026. View
- Business options - Exam Questions.docx Built from the lesson script on 25 September 2026. View
- Business location.pptx Built from the lesson script on 25 September 2026. View
- Business location - Completed Notes.docx The full notes for the lesson, to revise from. Built from the lesson script on 25 September 2026. View
- Business location - Exam Questions.docx Built from the lesson script on 25 September 2026. View
- The marketing mix.pptx Built from the lesson script on 25 September 2026. View
- The marketing mix - Completed Notes.docx The full notes for the lesson, to revise from. Built from the lesson script on 25 September 2026. View
- The marketing mix - Exam Questions.docx Built from the lesson script on 25 September 2026. View
- Business plans.pptx Built from the lesson script on 25 September 2026. View
- Business plans - Completed Notes.docx The full notes for the lesson, to revise from. Built from the lesson script on 25 September 2026. View
- Business plans - Exam Questions.docx Built from the lesson script on 25 September 2026. View
Key terms in this chapter
All 28, gathered from every lesson.
- Unlimited liability
- When the owner is personally responsible for all the business's debts.
- Limited liability
- When the owners can only lose the money they have invested in the business.
- Sole trader
- A business owned by one person, with unlimited liability.
- Partnership
- A business owned by two or more partners, usually with unlimited liability.
- Private limited company (Ltd)
- A business owned by shareholders, whose shares are not sold to the public, with limited liability.
- Shareholder
- An owner of part of a company.
- Franchise
- The right to run a business using another business's brand, products and methods.
- Franchisor
- The business that sells the right to use its brand.
- Franchisee
- The business that buys the right to trade under the franchisor's brand.
- Royalty
- A regular payment from franchisee to franchisor, usually a percentage of revenue.
- Location
- Where a business is based.
- Proximity
- How close something is.
- Footfall
- The number of people who walk past or into a business.
- Labour
- The workers a business employs.
- E-commerce
- Buying and selling goods and services online.
- Fixed premises
- A physical building a business operates from, such as a shop, office or factory.
- Marketing mix
- The four elements a business uses to market its product: product, price, promotion and place.
- Product
- The good or service a business sells.
- Price
- The amount customers pay for a product.
- Promotion
- How a business tells customers about its product and persuades them to buy.
- Place
- Where and how customers can buy a product.
- Integrated marketing mix
- A marketing mix in which the four Ps fit together and suit the same target market.
- Digital communication
- Promoting a business and talking to customers online, e.g. through social media, email and websites.
- Business plan
- A written document setting out what a new business will do and how it will do it.
- Forecast
- A prediction of future figures, such as sales, costs or cash flow.
- Risk
- The chance that something will go wrong, such as the business failing.
- Finance
- The money needed to start, run or grow a business.
- Investor
- A person or business that puts money into a business in return for a share of it.