Reference no: EM133126231

Question 1 - Business development

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.

3. What legal responsibilities should Sarah consider when establishing her new business?

4. What are some risks that should consider before leaving her current employment to start her own business?

Question 2 - Forecasting and budgeting

"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.

3. Define budgets and describe the role they play in the planning process.

4. Explain some forecasting tools Sarah could use in the business planning process.

Question 3 - Small to medium businesses

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

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.