Business studies revision cards

Business studies

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Marketing mix

The four elements of the Marketing Mix are illustrated in this diargram: product, price, place and promotion (http://www.bbc.co.uk/schools/gcsebitesize/business/images/marketing4.gif)

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Ownership types

  • Partnerships:  Parnerships have more than one owner. They are easy to set up and the amount of money needed to set up is small. Small businesses, so close workin relations, and more ideas and skills are coming into the business.They have unlimited liability, so they can lose eveything if they go bust. There may be disagreements aboyut the running.
  • Sole traders:A sole trader describes any business that is owned and controlled by one person - although they may employ workers. Individuals who provide a specialist service like plumbers, hairdressers or photographers are often sole traders. Easy to set up, quick agreements, less capital needed for Sole traders.
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