business at University of Birmingham

Flashcards and summaries for business at the University of Birmingham

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4.5 /5

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4.8 /5

Study with flashcards and summaries for the course business at the University of Birmingham

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

what is a sole trader?

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

give an advantage of being a sole trader

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

give disadvantages of being a sole trader

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Exemplary flashcards for business at the University of Birmingham on StudySmarter:

give advantages of being in a partnership

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

give disadvantages of being in a partnership

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

what is market research

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

what are the 2 types of research

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Exemplary flashcards for business at the University of Birmingham on StudySmarter:

pros of primary market research

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

pros of secondary research

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

cons of primary research

Exemplary flashcards for business at the University of Birmingham on StudySmarter:

cons of secondary research

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what is primary research

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Exemplary flashcards for business at the University of Birmingham on StudySmarter:

business

what is a sole trader?

A single person who is the exclusive owner of the business

business

give an advantage of being a sole trader

easy to set up

can be your own boss

decides what to do with profit

easy to change legal structure

business

give disadvantages of being a sole trader

unlimited liability

hard to raise finance as banks see sole traders as risky

harder to retain employees if they dont get a share of the profit

you have full responsibility ~having someone to share decision making can improve performance

business

give advantages of being in a partnership

more people means more experience so more ideas.

decisions will be better as owners can discuss pros and cons

easier to raise money because banks are more likely to lend to a partnership

more investments leads to increased access to finance so quick growth

business

give disadvantages of being in a partnership

> shared profit

> unlimited liability

> partners may disagree ~ displeasent

> each partner is liable for the actions of the other

business

what is market research

collecting research about customer needs

business

what are the 2 types of research

primary and secondary research

business

pros of primary market research

> design quantitative data qualitative questions tailored precicely for needs

> may give trade secrets  to provide a competitive edge

business

pros of secondary research

> quick instant
> cheap to access research

business

cons of primary research

> time consuming write out surveys

> expensive high labour costs

business

cons of secondary research

> competitors also have access to same info

> research may be broad

> out of date

business

what is primary research

original research you find yourself

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