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Question: task 2 short answer question total 80 marks consider...

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Task 2: Short Answer Question:                                            Total / 80 marks

 

Consider the following scenario when answer the short answer questions in this section.

 

 

Sarah has been working in the beauty industry for over 8 years, she has decided she wants to go into business and operate her own beauty salon. After considering her establishment options, she has decided to start a new business. She is now looking for a business location and is reviewing her responsibilities under the law and as a new business owner.

 

 

Each question is worth five marks

 

Question 1: Business development                                                                          (20 marks)    

  1. Outline the advantages and disadvantages of establishing a new business compared with taking over an existing business.                                     
  2. Outline the factors that Sarah needs to consider when selecting the location of

 her new business.                                                                                                     

  1. What legal responsibilities should Sarah consider when establishing her new business?
  2.  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.”

  1. Outline the process of strategic planning      
  2. Examine the importance of completing a SWOT analysis as part of the

planning process for Sarah’s new business.

  1. Define budgets and describe the role they play in the planning process.
  2. Explain some forecasting tools Sarah could use in the business planning

process.

                                                                                                           

 

Question 3: Small to medium businesses                                                                (20 marks)

 

  1. Define “small to medium business enterprises”.                                           
  2. Outline how Sarah’s small business could contribute to the Australian economy.
  3. Outline factors that might contribute to the failure of small to medium business     enterprises in Australia.                                                                                            
  4. Explain how Sarah could avoid business failure in her new business venture.       

 

Question 4. Marketing                                                                                         (20 marks)     

  1. What is a Marketing plan?
  2. Explain how a marketing plan could assist Sarah in achieving her business goals, and help her business attracts customers?
  3. What is meant by the term, ‘socially responsible marketing’?
  4. Give one personal example of a brand or product that has used an effective marketing strategy to gain your business as a consumer.

                                                           

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