Business Questions and Answers

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Presentation transcript:

Business Questions and Answers Definitely the last bit - honest!!!

What is a large firm? Can be assessed in many ways Sales Employees Assets Profits Shares It is not always good to be the largest business in the market..

Why do some firms remain small? Easier management Nice feeling of belonging Flexibility No union problems Community feeling

How can a firm grow in size - is it easy? There are 2 main ways of growth for a business INTERNAL GROWTH Increasing sales, employing more staff to cope, increasing the market share EXTERNAL GROWTH Merger/amalgamation and takeover

What is integration? Integration is a term used to describe a merger with another business - there are different types of integration:-

METHODS OF INTEGRATION Timber Producer Backward Vertical Integration Paper Manufacturer Paper Manufacturer Forward Vertical Integration Horizontal Integration Book Publisher

How can firms survive competition? Keep up-to-date - technology Consider diversification into other areas Ensure you keep ahead of your competition Give the customer what they want Use economies of scale

What are the advantages of internal and external growth Management advantages - specialisation Financial benefits - security and loans Umbrella advertising for brand Economies of scale Better locations

Why do businesses fail? INTERNAL unhappy customers cash flow problems poor resource mgmt poor marketing staff problems EXTERNAL (pest) Political issues - legislation changes Economy - recession Social - changes in tastes Technological - not keeping up Competition