Making The Business Start-Up Effective

Front 1

Marketing Mix is the combination of factors which help the business to take into account the customers needs when selling a product. These factors are usually summarized as the 4 Ps: product, place, promotion and price.

Back 1

A product is a service or good that is made available for consumption to the customers,by a business or organisation.

Front 2

Place is how the product is distributed to the customer.

Back 2

Price is how much money a customer has to give up in order to obtain a product.

Front 3

Promotion is the the communication between a business and a customer that lets the customer know a product is available for consumption.

Back 3

A Private Limited Company is a business with shareholders who have limited liability. The owners of a company are called shareholders.

Front 4

A Sole Trader is the only owner of a business who has unlimited liability.

Back 4

A Trademark is the symbol, sign or other feature of a product that can be protected in law.

Front 5

Limited Liability is when shareholders are not personally liable for the debts of company; the most they can lose is the value of their investment in the shares of the company. Private Limited Companies have limited liability.

Back 5

Unlimited Liability is when the owner of a business is personally liable to settle all debts of the company. In law, there is no distinction between what the business owns and what the business owner owns. Shareholders have unlimited liability.

Front 6

Customer Focus is the orientation of a business towards serving customer needs. The business has customer focus is they anticipate, identify and meet customer needs.

Back 6

VAT a tax on the value of sales that is paid by a business to the government.

Front 7

Income Tax a tax on the value of income earned by workers; this includes sole traders who have to pay income tax on their earnings.

Back 7

Corporation Tax is the tax on the profits of limited companies.

Front 8

Most business start-ups are as sole traders ,despite the risk , because this type of business is easier to run and set-up. Sole traders have full responsibility and they receive all the profits.

Back 8

It is good to be a sole trader is you want to control your business because sole traders have full responsibility and ownership of the business.

Front 9

Private Limited Companies must file their accounts with the Companies House.

Back 9

If a business likes to keep their finances private, it is better to be a sole trader because sole trader are not required to file their accounts with the Companies House every year.

Front 10

A trademark is a symbol, sign or feature of the product that can be protected by law. The Nike Swoosh is a trademark.

Back 10

If a business becomes a Private Limited Company the word 'limited' must be placed at the end of their name.

Front 11

Tax records are required to be kept by law.

Back 11

HMR&C is the government agency who are responsible for collecting tax in the UK.

Front 12

The Shareholders of Private Limited Companies pay Corporation Tax.

Back 12

Sole Traders and workers pay income tax.

Front 13

VAT is paid by all businesses.

Back 13

Employees and Sole traders pay NICs on their earnings.

Front 14

Customer Satisfaction is a measure of how much products meet customers' expectations.

Back 14

Customer Service: must be convenient to use the service, orders must be dispatched as quickly as possible and always on time, orders must be 100% accurate and all complaints must be dealt with immediately.

Front 15

Customer Satisfaction can impact the business's reputation because if customers are satisfied with the business they will talk about the business with their friend and spread 'word of mouth' and customers will bring repeat purchases.

Back 15

A business cannot simply reduce prices in order to attract customers because the price needs to reflect the product's quality and the product needs to be good.

Front 16

Repeat Purchases is when the order/sales that occur from a customer who has bought the product in the past. Chemists are reliant on repeat purchases while Car Dealers are not.

Back 16

When recruiting someone a Job Advert, Job Particulars, Job Description, Person specification and CV and application forms must be drawn up.

Front 17

A shortlist is the final group of people that are chosen when the application form is given in.

Back 17

On a CV, the main details of the person, the name, address, qualifications and experience are included.

Front 18

References are reports on the employee from their last/ current employer.

Back 18

Create Advertisement, Send out Job Applications, send out job specification, draw-up shortlists, interviews, references and offer the job.

Front 19

Staff Training Methods: On-the-job training and off-the-job training.

Back 19

An employee that has a good attitude towards their job will be motivated.

Front 20

Employers cannot discriminate against age, race, gender or disabilities.

Back 20

Business Studies whoop whoop