ObjectivesPrepare by thinking about where to locate your business.Instruction Explain the importance of a business’s location and some key factors in determining the appropriate location.What are the key things to consider in determining the layout of the operations of the business?How does a business control the quality of its products and operations?

Answered: Objectives Prepare by thinking about…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Objectives

Prepare by thinking about where to locate your business.

Instruction

Explain the importance of a business’s location and some key factors in determining the appropriate location.
What are the key things to consider in determining the layout of the operations of the business?
How does a business control the quality of its products and operations?

Expert Solution

Step 1: Meaning of Business location-

A business location is the physical or virtual environment in which a firm conducts activities, provides services, or sells items. It is critical to a company's performance, determining client accessibility, cost, and overall visibility. Choosing the right business site is critical to attracting clients, meeting logistical requirements, and accomplishing strategic objectives.