2. Select a business in your local area. Describe whether the business has an advantage or disadvantage in its location regarding: • how visible it is to potential customers • cost (including the likely rent or costs of transportation) • how close it is to suppliers and customers • how close it is to competitors.
22.6
Exercise
Learning pathways LEVEL1 2, 3, 5
LEVEL2
LEVEL3
1, 4, 6, 10
7, 8, 9
REMEMBER AND UNDERSTAND 1. Explain how the following factors influence business opportunities:
a. Target market b. Competition c. Location 2. Determine whether the following is True or False. An external factor influencing a business is something that can be controlled by the business. 3. An internal factor influencing a business can be best described as: A. a factor that the business will have some control over, such as business culture or location. B. a factor that the business cannot control, such as the economy or government policy. 4. Define what is meant by societal attitude . 5. Complete the following sentence: Businesses should respond and change their _________ to match changing consumer needs and _________. A business that does this is more likely to be _________. ANALYSE AND APPLY 6. a. Explain what is meant by product development and how it helps a business respond to opportunities. b. Provide an example of product development that you are familiar with. 7. Outline what is meant by the term demographics and explain how this is related to business opportunities. 8. Name one government policy and outline how it might affect a business. 9. Distinguish between societal attitudes and business culture. EVALUATE AND COMMUNICATE 10. Propose how a business can be successful in a highly competitive market Answers and sample responses for this topic are available online.
TOPIC22 Financial goals and decision-making 653
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