In this lesson we will learn: What the marketing mix is and the importance of each element:price, product, promotion, place. How the elements of the marketing mix work together Balancing the marketing mix based on the competitive environment The impact of changing consumer needs on the marketing mix. The impact of technology on the marketing mix: e-commerce, digital communication

In this lesson we will learn; The role and importance of a business plan: To identify: The business idea Business aims and objectives Target market (market research) Forecast revenue cost and profit Cash-flow forecast, Sources of finance Location; marketing mix. The purpose of planning business activity: The role and importance of a business plan in minimising risk and obtaining finance.

Theme 1 - Investigating small businesses In this lesson we will learn; Identifying and understanding customer needs: What customer needs are: price, quality, choice, convenience The importance of identifying and understanding customers: generating sales, business survival.

In this lesson we will learn: What the marketing mix is and the importance of each element price, product, promotion, place. How the elements of the marketing mix work together: ● balancing the marketing mix based on the competitive environment ● the impact of changing consumer needs on the marketing mix ● the impact of technology on the marketing mix: e-commerce, digital communication.

1.4.2 Business Location In this lesson we will learn: Factors influencing business location: Proximity to: market, labour, material and competitors Nature of the business activity The impact of the internet on location decisions: E-commerce and/or fixed premises