2. the importance of limited liability

3. start up and legal issues

4. customer satisfaction

6. Price Businesses must charge a price that customers are willing to pay Products Businesses must sell products that customers want Marketing Mix Promotion Businesses must make their customers aware through promotion Advertising, direct mailing, sales promotion, packaging, public relations Place Businesses must make goods/ services at appropriate places

8. Unlimited Liability Sole trader, partnership - Responsible for all debts- must pay off all these debts using their own money or take out a loan if they can’t - may have to sell their own house or car to pay off these debts

9. Limited Liability Private limited company, public limited company The shareholders:- only responsible for the businesses debts up to the amount they have invested- do not personally have to pay off these debts using their only money- this means their own possessions are not at risk

10. Business Names Can fall under 3 categories- related to a person name- related to the business- obscure Registering business names- not required if trading under own name- check that your name is not already in use Legal action could be faced for passing off a business name already in use Name must be displayed accurately on- business letters- orders for the supply of goods- invoices and receipts- demands for payments of debts

11. Start-up Legal Issues

12. Record keeping If you are a sole trader you are responsible for reporting all your income to HMR&C Records must be accurate Records that must be kept include- VAT- Corporation tax- Income tax- National Insurance

13. Taxes

14. Customer Satisfaction - Delivery Offering a delivery service is an example of providing what the customer wants To fulfil customer orders it is important to:- keep accurate records- deliver on agreed date- between the stated times- publish any costs involved

15. The business benefits Providing customers with an effective on-time delivery service provides a number of benefits to a business- reputation for reliability- provide free and invaluable word-of-mouth promotion- customers may be willing to pay a bit more for reliability- loyal customers make it easier to plan and invest more confidently

16. How do firms get workers?

18. Advertising the job

19. How to firms select? After short listing candidates there are a number of tools that can help: Interviews Aptitude tests Numeracy tests Visual tests Letter of application Curriculum vitae

20. Training Once the recruit has been chosen they must be introduced to their new environment This is done through training- on the job training- off the job training Four reasons why training takes place- induction - upgrading skills- multi skilling- re-training

21. Motivation

22. Increasing motivation Job enlargement- gives workers more tasks of the same skill level- may require training and reward with higher pay Job enrichment- gives the worker more responsibility Good communication- so workers know what is going on Good working conditions- pleasant surroundings give the impression that the employer cares Job rotation- workers change jobs on a regular basis- relieves boredom

23. Benefits of motivating staff Happy staff = happy workplace  Could even result in happy customers Motivated staff also share ideas which could improve the way the business is run Two indicators of motivated staff- Absenteeism- Labour turn over