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In 2007, a business had sales of £10 million in a market with a size of £125 million. In 2017 the business's sales were £12.6 million and its market share was 6%. Calculate the percentage growth in the size of the market between 2007 and 2017. (4 marks)

market share 2007 = 10/125 x100 = 8%market size 2017 = 12.6/x x100 = 6% 12.6/x = 0.06 12.6 = 0.06 x (divide by 0.06) = 210 millionmarket size growth = new - old/old 210 (new) - 125 (old)/ 125 (old) x100 =...

Answered by Jasmine D. • Business Studies tutor

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To what extent is appointing a new leader likely to be a good way to improve business performance? Justify with reference to leaders (20 marks)

Leadership is a relationship through which one person influences the behaviour or actions of other people. Leadership can be demonstrated as 'command' where leaders take direct control, 'vision' leaders s...

Answered by Jasmine D. • Business Studies tutor

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What is one advantage and one disadvantage of being a sole trader?

Advantages: The business is cheaply and easily formed as there is no long legal process. Owner gets to keep all the profits. Owner gets to make all the decisions.* Close links with both employees and cust...

Answered by Conor S. • Business Studies tutor

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What is the difference between a strategy and a tactic?

Business strategies are often long-term; they define goals across many years and how to work towards achieving them; specifically, strategies are often developed to work towards the business's mission.Tac...

Answered by Liora W. • Business Studies tutor

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Explain the benefits of a firm benefitting from Economies Of Scale

If a firm can benefit from Economies of Scale this will mean as the firm grows their average costs reduce. Therefore, they are more efficient, as a result they are able to be more competitive in the marke...

Answered by Jay T. • Business Studies tutor

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