Reasons for Staying Small (Edexcel A-Level Business): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Reasons businesses deliberately stay small
Reasons businesses deliberately stay small
Personal service, flexibility, owner preference, local monopoly
Personal service advantage for small businesses
Personal service advantage for small businesses
Direct owner contact allows premium prices & builds trust
Current UK VAT threshold
Current UK VAT threshold
£85,000 annual turnover
Niche markets
Niche markets
Specialized market segments where personal service is valued
Product differentiation
Product differentiation
Creating products distinctly different from competitors
USP (Unique Selling Point)
USP (Unique Selling Point)
Specific feature making a business stand out from rivals
Small business flexibility advantage
Small business flexibility advantage
Rapid decisions without lengthy approval processes
Local monopoly advantage
Local monopoly advantage
Proximity & convenience - customers avoid longer journeys
Cost to set up professional website (approx.)
Cost to set up professional website (approx.)
£2,000 for design, domain, hosting
Freemium model
Freemium model
Free accounts with limited features, charge for premium upgrades