Discuss the impact on Corby businesses

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Leigh Foley 12W

Discuss the impact on Corby businesses of the following:-

  1. Resident Population and Age.

The resident population of Corby is 53,174, of which only 22.6% are under the legal working age. This means there is a good labour supply for businesses in Corby. Over half of the population is made up of people from ages 16 – 59 which means there will be a lot of people looking for jobs and the company can provide this. But this may also mean people need training as they may have just come out of school and have no skills yet or they may have skills that are outdated and need re-training to use new technology such as computers. This will increase the overheads of businesses in Corby meaning they will have less money to spend on expanding or developing new products.

Only 5.3% of the population is made up of 16-19 year olds which means that business will have trouble finding younger, part-time or ‘Saturday job’ employees. As there is a minimum wage for people of age 18 and over this means that the business will be paying out more money in wages if they employ older staff.

The main age groups in the population are 16 and under which makes up 22.6% of the population and 30-59 year olds which makes up 42.4% of the population. This means businesses should concentrate on aiming the majority of their products at these two age groups. But those aged 16 and under do not have a lot of money to spend so the business will not be getting a significant income from them, so may have to spend money on advertising and promotion to persuade those from the smaller percentage age groups to shop and purchase items from Corby shops.

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  1. Economic Activity

63.6% of the Corby population are employed as well as 2% who are economically active students. This means a large percentage of 34.4% are unemployed, retired or permanently disabled. This means this percentage will have less disposable income to spend on products and services that Corby businesses offer and the businesses will not make as much profit as if these people were employed. This means that they will have less money to spend on expanding and developing new products and will not be able to employ more staff so the level of unemployment ...

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