7 (a) State one stakeholder of Loco. 7 (b) Using the information in Table 3, identify the best year for Loco to save any retained profit it may have. 7 (c) Outline one way that a business plan could have helped Joe Thwaites when starting Loco. 7 (d) Justify which one of these two options Loco should choose. 7 (e) Evaluate the extent to which Loco will be able to compete with large manufacturers of SUPs. You should use the information provided as well as your knowledge of business.

GCSE Edexcel Business 3.3 Communication in business: 7 (a) State one stakeholder of L

7 (a) State one stakeholder of Loco - Edexcel - GCSE Business - Question 7 - 2020 - Paper 1

Question 7

7 (a) State one stakeholder of Loco. 7 (b) Using the information in Table 3, identify the best year for Loco to save any retained profit it may have. 7 (c) Outline... show full transcript

Worked Solution & Example Answer:7 (a) State one stakeholder of Loco - Edexcel - GCSE Business - Question 7 - 2020 - Paper 1

Step 1

State one stakeholder of Loco.

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Answer

One stakeholder of Loco is Joe Thwaites, the owner of the business.

Step 2

Using the information in Table 3, identify the best year for Loco to save any retained profit it may have.

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Answer

The best year for Loco to save any retained profit is 2014.

Step 3

Outline one way that a business plan could have helped Joe Thwaites when starting Loco.

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Answer

Joe Thwaites could have used a business plan to set clear objectives for Loco, which would help to assess how much finance is needed and identify potential risks.

Step 4

Justify which one of these two options Loco should choose.

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Answer

Loco should choose to introduce a digital payment system, such as PayPal. This option will expand their customer base by making purchases more convenient for a wider audience. Moreover, it streamlines payment processing, enhancing customer satisfaction and potentially increasing sales revenue.

Step 5

Evaluate the extent to which Loco will be able to compete with large manufacturers of SUPs.

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Answer

Loco may face significant challenges competing with large manufacturers due to their established market presence and economies of scale. However, Loco's unique selling proposition can resonate with local customers who value personalized service and community engagement. If Loco effectively markets its quality products and leverages social media to build a loyal customer base, it can carve out a niche in the competitive SUP market despite the challenges posed by larger manufacturers.

7 (a) State one stakeholder of Loco - Edexcel - GCSE Business - Question 7 - 2020 - Paper 1

Worked Solution & Example Answer:7 (a) State one stakeholder of Loco - Edexcel - GCSE Business - Question 7 - 2020 - Paper 1

State one stakeholder of Loco.

Using the information in Table 3, identify the best year for Loco to save any retained profit it may have.

Outline one way that a business plan could have helped Joe Thwaites when starting Loco.

Justify which one of these two options Loco should choose.

Evaluate the extent to which Loco will be able to compete with large manufacturers of SUPs.

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