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Consider the advantages and disadvantages of the following three ways a firm could research the market for the new restaurant. Government statistics on the number of high income consumers

Cheap and quick to carry out. May be out of date

Consider the advantages and disadvantages of the following three ways a firm could research the market for the new restaurant. Questionnaire about the new restaurant carried out by a market research agency

Carried out by experts in market research. Expensive to use

Consider the advantages and disadvantages of the following three ways a firm could research the market for the new restaurant. Questionnaire about the new restaurant carried out by the firm itself

Primary research so original research. Not experienced in carrying out primary research so may be less accurate

Identify and explain two ways a restaurant can create added value for its new service.

Improve quality. Provide extra services. Improve brand image

Consider the following three factors that will affect decision on the location of a new restaurant. Which factor is the most important to? Justify your answer. Cost of building

High cost may mean the firm has to borrow large amount of capital

Consider the following three factors that will affect decision on the location of a new restaurant. Which factor is the most important to? Justify your answer. The level of income of local restaurant

The level of income will affect the potential demand for the new restaurant and the new delivery service

Consider the following three factors that will affect decision on the location of a new restaurant. Which factor is the most important to? Justify your answer. Near to existing restaurant

If near to existing restaurant, then it is easier to move employees between the two. Easier to manage the two restaurants

Identify and explain two ways to promote the new restaurant.

Posters. Billboards. Leaflets. Discount coupons. Local newspapers. Social media. Special appearance of celebrity

Consider the following three ways a firm could use to make sure he has enough workers for the new restaurant. Recruit additional unskilled employees that can be trained

Workers trained in the right way. More likely to stay at the new restaurant. Training costs. Costs of recruitment. Takes time to recruit and train workers

Consider the following three ways a firm could use to make sure he has enough workers for the new restaurant. Ask part-time employees to work full time so they can work at both restaurants

Already trained, Already know what is required at the new restaurant, May not want to work longer hours. Might have to pay higher wages

Consider the following three ways a firm could use to make sure he has enough workers for the new restaurant. Move some part- time employees from the existing restaurant

Cheap to arrange, Saves time recruiting, No training required. Need to replace the existing employees – recruitment costs. Not enough employees to fill all job

Identify and explain two possible reasons why a firm needs a well-motivated workforce

Encourages workers to work more efficiently/higher productivity. Lower labour turnover – saves recruitment and training costs/lower absenteeism

Consider the advantages and disadvantages of this type of business organisation, private limited company.

Raise capital from sale of shares. Limited liability. Separate legal identity. Can only sell shares to family and friends. Accounts not private

Consider the advantages and disadvantages of this type of business organisation; partnership

Partners can specialise in different tasks. Share decision making, Unlimited liability. Each partner responsible for the actions of other partners

Consider the advantages and disadvantages of this type of business organisation; sole trader.

Owner in complete control. No sharing of profit. Incentive to work hard as everything kept for himself. Unlimited liability. No continuity. No help in decision

Identify and explain two possible reasons why a restaurant wants to expand.

To possibly increase profit because if the restaurant is bigger it will have more customers and more revenue. With higher revenue, if costs can be kept lower.