• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business Plan

Extracts from this document...

Introduction

Business Plan 1. What are the advantages and disadvantages of a business plan? (4-6) An advantage of a business plan is that it can reduce the risks as you would be able to anticipate any problems. If problems are identified in advance, businesses would be better able to deal with them, reducing the risks. Another advantage of a business plan is that it can provide guidance and targets. This is useful because by having a sense of direction, everyone involved in the business knows what they are supposed to be doing. ...read more.

Middle

This time could have been used to advertise or even sell the business's products. 2. Compare the advantages and disadvantages of a business plan? (8-10) An advantage of a business plan is that it can reduce the risks as you would be able to anticipate any problems. If problems are identified in advance, businesses would be better able to deal with them, however business plans take time to produce and therefore can be expensive. For a business plan to be worth producing, entrepreneurs would need to spend a lot of time and resources looking into and examining the target market. ...read more.

Conclusion

Market research may become incorrect when market conditions change (e.g. a new competitor). Therefore, businesses have to be careful when examining their target market because if the market research is invalid then there is a higher chance that the business will become unsuccessful. Overall, in order for a business plan to be of usefulness, a business would need to research the market thoroughly; if not, the business plan may go wrong. In conclusion, a business plan has its advantages and disadvantages. When a business produces a plan, they would have to think about whether the risks, time and costs involved can be covered by the advantages of a business plan. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Business, Companies and Organisation, Activity essays

  1. Human Resources Management

    carried out to compare with Ford's budget for these expenses, to see whether Ford can afford that many expenses or not. According to the targets set by the managers should be achieved by their employees in a period of time.

  2. Tesco Research

    They use their talent and make sure every one receives accurate and understandable information that links to these two departments and links to other departments to achieve their goals. The term communication means: when the other end receives any kind of message and understands it.

  1. English for business

    Composer ? Conductor ? Sculptor ? Teacher ? Philosopher ? Linguist ? Critic ? Priest ? Cameraman Commerce ? Shop assistant ? Butcher ? Baker ? Greengrocer ? Salesman ? Grocer ? Confectioner/ pastry cook Transport and telecommunication ? Driver ? Sailor ? Railway man ? Airman ?

  2. Business Studies

    and trademark > High initial purchase price and are on going fees compared to licensing > Establish name in other countries without establishment costs > Can be difficult to control and measure franchises * Reasons for expansion - Increase sales/find new market Marketing reasons: Increase sales > Our small population

  1. Business studies - Business Plan

    To avoid this I can follow a schedule and focus on my work fully when it needs to be done so as not to make mistakes while still leaving time for me to peruse with leisure activates. I get on well with other people.

  2. Free essay

    Write a business plan which I would set up within my school.

    6 Questionnaire 1. How old are you? (11- 20) (21-30) (31-40) (41-50) (51-60) (other) 2. Do you think you would benefit from a stationary shop based within the school premises? (yes) (no) 3. How often do you think you would visit the stationary shop?

  1. Business Plan. After putting a lot of thought into what kind of business we ...

    I needed the name of my business short and catchy so that it is appealing to the younger generation. A business name that not only symbolizes the business but makes it a high popularity as this name has to stay the same for the whole of the business venture.

  2. Business studies-create your own business

    10% service charge added to your bill B. Pay as much as you like C. Don't want to pay tips D. Don't mind whichever way to pay 7. If you would like to have a lunch with colleagues or friends in a Chinese Restaurant, what do you prefer? A.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work