Question: task 2 short answer question total 80 marks consider...
Task 2: Short Answer Question: Total / 80 marks
Consider the following scenario when answer the short answer questions in this section.
Each question is worth five marks
Question 1: Business development (20 marks)
- Outline the advantages and disadvantages of establishing a new business compared with taking over an existing business.
- Outline the factors that Sarah needs to consider when selecting the location of
her new business.
- What legal responsibilities should Sarah consider when establishing her new business?
- What are some risks that should consider before leaving her current employment to start her own business?
Question 2: Forecasting and budgeting (20 marks)
“Business managers need to use a number of forecasting and monitoring tools to successfully plan for the future and allocate resources efficiently.”
- Outline the process of strategic planning
- Examine the importance of completing a SWOT analysis as part of the
planning process for Sarah’s new business.
- Define budgets and describe the role they play in the planning process.
- Explain some forecasting tools Sarah could use in the business planning
Question 3: Small to medium businesses (20 marks)
- Define “small to medium business enterprises”.
- Outline how Sarah’s small business could contribute to the Australian economy.
- Outline factors that might contribute to the failure of small to medium business enterprises in Australia.
- Explain how Sarah could avoid business failure in her new business venture.
Question 4. Marketing (20 marks)
- What is a Marketing plan?
- Explain how a marketing plan could assist Sarah in achieving her business goals, and help her business attracts customers?
- What is meant by the term, ‘socially responsible marketing’?
- Give one personal example of a brand or product that has used an effective marketing strategy to gain your business as a consumer.