Topics covered: Sole trader
• Meaning
• Unlimited liability
• Market Research
Mr Mark is a sole trader, runs a small business‘ Pick n Move’ in Mumbai, where he sells items like table mats, table runners, window curtains, wall decorations, gift items, etc. These items are mostly hand made by Mark and his family.
Due to competition from big malls and super markets, sales revenues have been falling. Mark is keen to get customer feedback and also gather market data using internet to improve his sales.
Questions:
a) Define the term ‘sole trader’. [2 marks]
b) Explain the term ‘unlimited liability’ with reference to Mr Mark. [2 marks]
c) Identify and explain two sources of secondary market research for Mark other than Internet [4 marks]
d) Explain two advantages and two disadvantages of primary and secondary market research to business like ‘Pick n Move’. Justify which method should be chosen [10 marks]
