Business Studies Unit 1.4

Created by: SxrxM-W2002
Created on: 16-03-17 14:52

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Making the start up
- Customer Focus
  - Customer focus is when a business meets the required needs of their customers
  - A business needs to focus on customers to make sure that they are repeat business and enjoy their visit. This leaves the customer spreading good word of mouth
- Marketing Mix
  - 4 P's
    - Place
      - Anywhere you can buy food
    - Product
      - Diet, zero, life, classic, caffeine free, fanta, sprite
    - Promotion
      - T.V adverts
    - Price
      - £1 +
    - E.g Coca Cola
- Limited Liability
  - Unlimited liability is when the owner of a sole trader/partnership business are responsible for the business
  - Limited liability is when there is a set amount of debt a business can go into
    - This is for franchises
- Start Up Legal and Tax Issues
  - What should a business name have
    - What is it going to sell/produce
    - has to be catchy
    - different to other businesses
    - will it promote the business
    - it cannot be a trademarked name
  - Keeping Records
    - what do you have to keep records of?
      - Sales or things sold
      - Stuff brought
      - Supplies in stock
      - Employees
      - Address of Supplies
    - Why do you have to keep records
      - You have to keep records so you are being paid the right amount of taxes for what you sell
  - HMRC
    - HMRC stands for Her Majesty's Revenue and Customs
    - What can they do?
      - They can fine a business for paying taxes late
      - They can take businesses to court for not paying tax
      - They can ask to see tax and payment records
- Customer Satisfaction
  - Customer satisfaction is a measure of how much products/service meets the customers expectations
  - Businesses also have to think about word of mouth
    - Word of mouth is if someone has a good experience, then they will tell friends and family and will mean an increase in customers
  - It is key to success
- Recruitment, Training and Motivation
  - Recruitment - what you need to do
    - Job particulars
    - Job adverts
    - Job description
    - Person specification
    - Application
    - Selction
  - Training
    - It is very expensive to do off-site training
    - There is on-site and off-site training
  - Motivation
    - Motivation is key for your employees to be happy and make repeat business
    - You can motivate your employees by:
      - Giving bonuses
      - Give extra days off
      - Set targets

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Business Studies Unit 1.4

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