Académique Documents
Professionnel Documents
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PAGE
Justification of Location
Type of Production
Levels of Production
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Use of Technology
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Linkages
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Government Regulations
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Ethical Issues
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Bibliography
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Appendix
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Justification of location
The business will be located in Arima #6 Queen Street. The reasons why I chose this area
are:
Little direct competition
There is no similar type of business close in proximity, which would not affect my
profits.
High Traffic flow
Queens Street is a very busy street with a very height flow of consumer traffic.
Exact target market
The customer flow on Queen Street consists of a lot of minimum and low income earners
which I plan to carter to with my price ranges.
relay the necessary information that would help improve the business ensuring
customer satisfaction.
6. There would also be two security officers to provide a secure eating environment
and hopefully prevent robbery, improperly attired persons and fights.
In total, there will be 22 employees.
The role of the entrepreneur is to raise finances in order to begin production and take
risks in entering the market. They make decisions on what, how, when, for whom and
where to produce. The entrepreneur is also responsible for the managing of the business.
Three functions of the entrepreneur are:
Inventing and commercializing new goods and services
To manage the sale of products
To manage the business
Type of Production
The type of production used in my business is tertiary production. Tertiary production is
the sector that provides the services that are important to the first two stages such as
marketing. This deals with taking the finished products and selling it to the consumer.
Levels of Production
The type of production used in my business will be Domestic production.
In domestic production everything is produced locally. This level does not involve any
imports from foreign countries. Both human and natural resources are employed and the
whole economy is dependent upon what it can produce from this resource.
Making sure goods arent expired This helps to prevent the company from getting a
bad name. If goods are expired, the quality of food will be drastically reduced which will
cause customers to no longer purchase from this business, causing a loss in revenue.
Clean environment The business should always remain clean to encourage customers
to visit the store and purchase food. The more customers that are attracted to the store
will increase the revenue being made.
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Use of technology
1. Security Cameras will have a huge role to play in the security of the
customers and the business, these cameras will monitor the day to day
activities of customers to make sure they are safe and they do not shop lift.
2. Computers have a huge role in providing information for financial
statements as well as reporting for all aspects of the business, such as planning,
monitoring and implementation of strategies, marketing etc. Information can
be accessed quickly from the internet to help improve the business.
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Linkages
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Internally is the expanding of the store for more storage space for products that are for
sale and it will also prevent the inventory from being overstocked. While expanding we
can add a lot more variety of goods because of the additional space. The more goods
available will cause us to earn more profits.
Externally- the potential of growth is created by opening new branches for customer
satisfaction. This will prevent customers who live far from coming to only one location;
instead they would have lots of options to choose from.
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Government Regulations
These are the two government regulations that impact my business:
Taxes: Reduce the amount of money available for investment in the business. The tax is
paid out of the profits made; therefore the more profits made the more taxes are owed.
Minimum Wage As of February 1st 2012 the minimum wage was increased to $12.50
per hour. This results in higher payrolls costs for the company and less profits.
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Ethical Issues
One ethical issue relating to production is, we do not keep our employees under harsh
conditions. They have very flexible working hours and we encourage and try to motivate
the employees so they can work better. The better our employees work we reward them
with bonuses or an employee of the month award to boost their enthusiasm. This will
ensure that our customer service is always top off the line.
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Bibliography
Books:
Essential Principles of Business for CSEC - by Dr. Alan Whitcomb
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Appendix
Profile 2
LINKAGES
Harsh browns
Potato
Primary Production
Agriculture
Tertiary Production
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