Explain the term sole trader - Leaving Cert Business - Question A - 2016

1. Profits – As the sole owner, Dolly retains all profits after taxes are paid, leading to greater financial incentivization.

2. Decisions – Being a sole trader means that Dolly can make decisions quickly without the need for consensus, allowing for faster business adjustments.

1. Production of Identical Goods – A limited amount of identical goods is manufactured at the same time to streamline the production process.

2. Sequential Work Stages – Work is done on each stage before a new batch is started, which enhances efficiency in production.

1. Job Production – This method focuses on creating custom products for specific customers.

2. Mass Production – This technique involves producing large quantities of standardized products.

1. Cost of Production – Dolly must evaluate the costs associated with manufacturing each product to ensure profitability.

2. Target Market – Identifying the target demographic allows Dolly to set a price that aligns with what customers are willing to pay.

3. Competition – Analyzing competitor pricing for similar products can help Dolly determine where her pricing should fall in the market.

A target market is the specific group of consumers at which a product or service is aimed, characterized by shared demographic traits like age, income level, or lifestyle.

Channels of Distribution refer to the pathways through which a product passes from the manufacturer to the consumer, involving various intermediaries such as wholesalers or retailers.