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1.4 Making the business effective

4 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

What makes a good location for a business, and how has the internet changed this?

Factors influencing business location: proximity to market, labour, materials and competitors; the nature of the business activity; and the impact of the internet on location decisions (e-commerce and/or fixed premises).
A focused answer to Edexcel GCSE Business 1.4.2, covering the factors influencing business location (proximity to market, labour, materials and competitors), the nature of the activity, and the impact of the internet and e-commerce on location decisions.
6 min answer →

Which legal form should a new business take, and what does liability mean for the owner?

The concept of limited and unlimited liability and the implications for the owner; the types of business ownership for start-ups (sole trader, partnership, private limited company) with their advantages and disadvantages; and the option of running a franchise.
A focused answer to Edexcel GCSE Business 1.4.1, covering limited and unlimited liability and their implications, the types of ownership for start-ups (sole trader, partnership, private limited company), and the franchise option, with advantages and disadvantages.
8 min answer →

What goes into a business plan, and why does a new business need one?

The role and importance of a business plan (identifying the business idea, aims and objectives, target market, forecast revenue, costs and profit, cash-flow forecast, sources of finance, location and marketing mix) and the purpose of planning in minimising risk and obtaining finance.
A focused answer to Edexcel GCSE Business 1.4.4, covering what a business plan contains, its role and importance, and the purpose of planning in minimising risk and obtaining finance for a new business.
6 min answer →

What is the marketing mix, and how do its four elements work together?

What the marketing mix is and the importance of each element (price, product, promotion, place); how the elements work together, including balancing the mix for the competitive environment, the impact of changing consumer needs, and the impact of technology (e-commerce, digital communication).
A focused answer to Edexcel GCSE Business 1.4.3, covering what the marketing mix (product, price, promotion, place) is, the importance of each element, and how they work together, including the effects of competition, changing consumer needs and technology.
7 min answer →