Essay
P2
- Module
- BTEC Business Level 2 Unit 1
- Institution
- Undefined
Essay of 2 pages for the course BTEC Business Level 2 Unit 1 at undefined (p2)
[Show more]
1 review
By: paulmcconaghie • 7 year ago
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller govindersingh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £3.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
70055 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now