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Essay of 2 pages for the course BTEC Business Level 2 Unit 1 at undefined (p2)
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By: paulmcconaghie • 7 year ago
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Unit 1: P2 Business EnterpriseThe following task I’ll be looking at current trends that can impact a start-up
business.
Social trends:
Recently the population of the world just hit 7
billion, which means for start-up businesses are
influenced to open up because increase in
population means increase in demand, this is a
positive effect on a start-up business because like
in the UK population has grown so much and
prices have increased due to demand, so
businesses are may be thriving. The UK have also
have an aging population where there’s increase
in older people and businesses have noticed this
and changed audience due to many of the elderly
having more disposable income. This impacts a
start-up business because if they were thinking to
have the elderly as an audience then seeing these
statistics encourages them to open up. The
population pyramid Sourced from:
http://www.coolgeography.co.uk/GCSE/AQA/Population/Ageing/Ageing.htm
There is also an increasing trend towards people having smaller household sizes, meaning people
having less stuff, which leads to a decrease in customers at furniture stores. This impacts a business
negatively and especially a start-up business should take this into consideration when setting up shop
to sell furniture products which are small to fil into a small house.
Families are now smaller so parents have more money to spend on its single child, so the demand in
like getting expensive buggies have grown. So this could impact a business both negatively and
positively because there’s decrease in customers but increase in luxury goods being bought. So start-
up businesses should take this into consideration and maybe appeal sell luxury baby items. Also there’s
an increase in both parents working so they have less time to make fresh hot meals, so fast food and
takeaways businesses have thrived in recent years. So start-up businesses should notice this and look
into selling meals that are cheap and can be made in a small amount of time.
Ethical trends:
Ethical trends are things that can be seen as morally right. Like buying fair trade food
which provides farmers with better wages. Many customers are now educated and
become caring of others and would pay an extra 10-20p, so that farmers can get a fair
wage. Businesses have notice this and now source goods from fair trade farmers and
products like dairy milk have the fair trade logo and customers are attracted to this. So
start-up businesses should take into consideration that customers are now educated and
the business should consider paying extra to buy fair trade products which are expensive but which
could pay off in the long run and increase in customers and profit.
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