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EDEXCEL GCSE BUSINESS Topic 1.4 Making the business effective ALL 4 LESSONS

This is a complete 4 lesson bundle to teach the 1.4 unit for Edexcel GCSE Business - making the business effective. These lessons are written for Revisionstation by Sarah Hilton. These lessons include the following topics: 1.4.1 The options for start-up and small businesses The concept of limited liability: ● limited and unlimited liability ● the implications for the business owner(s) of limited and unlimited liability. The types of business ownership for start-ups: ● sole trader, partnership, private limited company ● the advantages and disadvantages of each type of business ownership. The option of starting up and running a franchise operation: ● the advantages and disadvantages of franchising. 1.4.2 Business location Factors influencing business location: ● proximity to: market, labour, materials and competitors ● nature of the business activity ● the impact of the internet on location decisions: e-commerce and/or fixed premises. 1.4.3 The marketing mix What the marketing mix is and the importance of each element: ● price, product, promotion, place. How the elements of the marketing mix work together: ● balancing the marketing mix based on the competitive environment ● the impact of changing consumer needs on the marketing mix ● the impact of technology on the marketing mix: e-commerce, digital communication. 1.4.4 Business plans The role and importance of a business plan: ● to identify: the business idea; business aims and objectives; target market (market research); forecast revenue, cost and profit; cash-flow forecast; sources of finance; location; marketing mix. The purpose of planning business activity: ● the role and importance of a business plan in minimising risk and obtaining finance.