Your journey to excellence in
By Revision Genie
What Is Business?
Unit 1
Why Businesses Exist
Profit as a Business Objective
Growth as a Business Objective
Survival as a Business Objective
Cash Flow as a Business Objective
Social and Ethical Business Objectives
Understanding Mission Statements
The Relationship Between Mission and Objectives
Why Businesses Set Objectives
Revenue, Turnover, and Sales
Fixed Costs in Business
Variable Costs in Business
Total Costs in Business
Measuring and Understanding Profit
Sole Traders: Characteristics and Advantages
Private Limited Companies: Characteristics and Benefits
Public Limited Companies: Features and Advantages
Private Sector vs Public Sector Organisations
Non-Profit Organisations: Purpose and Structure
Social Enterprises: Goals and Characteristics
Unlimited vs Limited Liability
Understanding Ordinary Share Capital
Market Capitalisation: Definition and Importance
Dividends: Role and Impact
The Role of Shareholders in Business
Why Shareholders Invest
Influences on Share Price
Significance of Share Price Changes
Effects of Ownership on Mission and Objectives
The External Environment and Business Costs
The External Environment and Business Demand
Competition and Its Impact on Costs and Demand
Market Conditions and Their Effect on Businesses
Incomes: Influence on Costs and Demand
Interest Rates: Impact on Business Costs and Demand
Demographic Factors Affecting Business
Environmental Issues and Business Costs
Fair Trade and Its Impact on Businesses
Unit 2
Managers, Leadership and Decision Making
Management vs Leadership
Autocratic Leadership Style
Paternalistic Leadership Style
Democratic Leadership Style
Laissez-Faire Leadership Style
The Tannenbaum Schmidt Continuum
Effectiveness of Leadership Styles
Scientific Decision Making
Using Decision Trees
Calculating Expected Value
Calculating Net Gains
Intuition in Decision Making
Risks in Decision Making
Rewards in Decision Making
Uncertainty in Decision Making
Opportunity Cost in Decisions
Mission and Objectives in Decision Making
Ethics in Decision Making
External Environment Influences on Decisions
Resource Constraints in Decision Making
Understanding Stakeholders
Stakeholder Mapping: Power and Interest
Overlapping and Conflicting Stakeholder Needs
Managing Stakeholder Relationships
Effective Communication with Stakeholders
Consultation with Stakeholders
Unit 3
Marketing Management
The Value of Marketing Objectives
Sales Volume and Sales Value Objectives
Market Size and Market Growth Objectives
Market Share Objectives
Brand Loyalty Objectives
Primary Marketing Research Methods
Secondary Marketing Research Methods
Qualitative vs Quantitative Data in Research
Calculating Market Size and Growth
Calculating Market Share
The Value of Sampling in Research
Random Sampling Method
Stratified Sampling Method
Quota Sampling Method
Interpreting Marketing Data: Correlation
Confidence Intervals in Marketing Data
Extrapolation in Marketing Data
Price Elasticity of Demand Interpretation
Income Elasticity of Demand Interpretation
Impact of Price Changes on Revenue
Impact of Income Changes on Revenue
Segmentation: Demographic Methods
Segmentation: Geographic Methods
Segmentation: Income-Based Methods
Segmentation: Behavioural Methods
Target Market Selection: Niche vs Mass
Using Market Mapping for Positioning
The 7Ps of the Marketing Mix
Influences on the Marketing Mix
Product Portfolio Analysis: Boston Matrix
Product Life Cycle Model
Extension Strategies for Products
New Product Development Influences
Pricing Strategies: Penetration Pricing
Pricing Strategies: Price Skimming
Promotional Mix: Branding
Promotional Mix: Social Media Marketing
Promotional Mix: Viral Marketing
Multi-Channel Distribution Decisions
People Element in the Marketing Mix
Process Element in the Marketing Mix
Physical Environment Element in the Marketing Mix
Integrated Marketing Mix Influences
Position in Product Life Cycle and Marketing Mix
Boston Matrix and Marketing Mix Decisions
Competition and Marketing Mix Decisions
Target Market and Marketing Mix Decisions
Digital Marketing Techniques
E-Commerce in Marketing
Unit 4
Operational Management
Operational Objectives and Their Value
Types of Operational Objectives
Cost as an Operational Objective
Quality as an Operational Objective
Speed of Response as an Objective
Flexibility as an Operational Objective
Environmental Objectives in Operations
Added Value as an Objective
Interpreting Labour Productivity Data
Calculating Labour Productivity
Unit Costs: Calculation and Use
Understanding Capacity in Operations
Capacity Utilisation: Calculation and Importance
Importance of Capacity in Operations
Increasing Efficiency in Operations
Labour Productivity: Benefits and Challenges
Lean Production: Benefits and Challenges
Just in Time vs Just in Case
Choosing Labour vs Capital Intensive Processes
Using Technology to Improve Efficiency
Quality Assurance vs Quality Control
Benefits of Improving Quality
Challenges of Improving Quality
Consequences of Poor Quality
Managing Supply to Match Demand
Outsourcing to Match Supply and Demand
Temporary and Part-Time Employees in Supply Management
Producing to Order: Benefits and Challenges
Inventory Control Charts: Interpretation
Key Inventory Metrics: Lead Time and Re-Order Levels
Buffer Inventory and Re-Order Quantities
Factors Influencing Inventory Levels
Choosing Suppliers: Influences and Criteria
Effective Supply Chain Management
Value of Outsourcing in Operations
Unit 5
Financial Management
Setting Financial Objectives
Return on Investment Concept
Revenue, Costs, and Profit Objectives
Cash Flow Objectives
Distinction Between Cash Flow and Profit
Gross Profit, Operating Profit, and Profit for the Year
Constructing Budgets
Analysing Budgets with Variance Analysis
Adverse and Favourable Variances
Value of Budgeting
Constructing Cash Flow Forecasts
Break-Even Charts Construction
Break-Even Output and Margin of Safety
Contribution Per Unit and Total Contribution
Effects of Price, Output, and Cost Changes on Break-Even
Value of Break-Even Analysis
Profitability Margins Analysis
Gross Profit Margin Calculation
Operating Profit Margin Calculation
Profit for the Year Margin Calculation
Analysing Cash Flow Timings
Understanding Payables and Receivables
Using Data for Financial Decision Making
Internal Sources of Finance
External Sources of Finance
Debt Factoring
Overdrafts as a Source of Finance
Retained Profits as a Source of Finance
Share Capital as a Source of Finance
Loans as a Source of Finance
Venture Capital as a Source of Finance
Crowd Funding as a Source of Finance
Short-Term vs Long-Term Finance Uses
Advantages of Different Finance Sources
Disadvantages of Different Finance Sources
Methods to Improve Cash Flow
Assessing Cash Flow Improvement Strategies
Methods to Improve Profits and Profitability
Assessing Profit Improvement Strategies
Difficulties in Improving Cash Flow
Difficulties in Improving Profitability
Unit 6
Human Resource Management
Human Resource Objectives Overview
Employee Engagement Objective
Talent Development Objective
Training Objective
Diversity Objective
Alignment of Employee and Employer Values
Number, Skills, and Location of Employees
Soft HRM Approach
Hard HRM Approach
Calculating Labour Turnover
Interpreting Labour Turnover Data
Employee Costs as Percentage of Turnover
Labour Cost Per Unit
Using HR Data for Decision Making
Functional Organisational Structure
Product-Based Organisational Structure
Regional Organisational Structure
Matrix Organisational Structure
Authority in Organisational Design
Span of Control in Organisational Design
Hierarchy in Organisational Design
Delegation in Organisational Design
Centralisation vs Decentralisation
Value of Changing Organisational Design
Human Resource Flow Overview
Human Resource Plan
Recruitment Process
Training Process
Redeployment Process
Redundancy Process
Benefits of Motivated Employees
Taylor's Motivation Theory
Maslow's Motivation Theory
Herzberg's Motivation Theory
Piece Rate Financial Motivation
Commission Financial Motivation
Salary Schemes Financial Motivation
Performance-Related Pay
Empowerment as Non-Financial Motivation
Team Working as Non-Financial Motivation
Flexible Working as Non-Financial Motivation
Job Enrichment as Non-Financial Motivation
Job Rotation as Non-Financial Motivation
Assessing Financial vs Non-Financial Motivation
Employee Representation Overview
Trade Unions Role
Works Councils Role
Improving Employer-Employee Communication
Value of Employer-Employee Relations
Unit 7
Analysing the Strategic Position of a Business
Understanding Corporate Mission Statements
Influences on Corporate Objectives
Short-Termism vs Long-Term Goals
The Relationship Between Mission and Strategy
Strategy vs Tactics in Decision Making
Functional Objectives and Their Influences
The Value and Process of SWOT Analysis
Using Balance Sheets to Assess Performance
Using Income Statements to Assess Performance
Profitability Ratios: Return on Capital Employed
Liquidity Ratios: Current Ratio
Gearing Ratios and Financial Stability
Efficiency Ratios: Payables Days
Efficiency Ratios: Receivables Days
Efficiency Ratios: Inventory Turnover
Comparative Analysis of Financial Ratios
Assessing Non-Financial Business Data
Core Competences and Competitive Advantage
Short-Term vs Long-Term Business Performance
Elkington’s Triple Bottom Line Framework
Impact of Political and Legal Changes on Strategy
Government Policy and Business Strategy
Economic Factors: GDP and Taxation
Economic Factors: Exchange Rates and Inflation
Fiscal and Monetary Policy Impacts
Trade Policies: Open Trade vs Protectionism
Demographic Changes and Business Strategy
Consumer Lifestyle Changes and Buying Behavior
Corporate Social Responsibility: Reasons and Impacts
Carroll’s Corporate Social Responsibility Pyramid
Technology's Impact on Business Strategy
Porter’s Five Forces Framework
Entry Threats and Barriers to Entry
Buyer Power and Its Strategic Implications
Supplier Power and Negotiation Strategies
Rivalry Among Competitors and Market Dynamics
Substitute Threats and Competitive Strategy
Introduction to Investment Appraisal Methods
Calculating Payback Period for Investments
Average Rate of Return for Investment Decisions
Net Present Value and Discounted Cash Flow
Non-Financial Factors in Investment Decisions
Risk and Uncertainty in Strategic Investments
Unit 8
Choosing Strategic Direction
Understanding Strategic Direction
Factors Influencing Market Choices
Factors Influencing Product Choices
Introduction to the Ansoff Matrix
Market Penetration Strategy
Market Development Strategy
New Product Development Strategy
Diversification Strategy
Evaluating Strategic Options Using the Ansoff Matrix
Benefits of Strategic Direction Choices
Risks of Strategic Direction Choices
Understanding Strategic Positioning
Porter's Low-Cost Strategy
Porter's Differentiation Strategy
Porter's Focus Strategy
Influences on Strategic Positioning Decisions
Benefits of Competitive Advantage
Challenges in Maintaining Competitive Advantage
Evaluating the Value of Positioning Strategies
Price-Based Competitive Strategies
Benefit-Based Competitive Strategies
Balancing Price and Benefits in Competition
Examining Feasibility in Strategic Decisions
Assessing Risk in Strategic Decisions
Common Pitfalls in Strategic Direction Choices
Case Study: Applying the Ansoff Matrix
Case Study: Competitive Positioning Strategies
Impact of External Factors on Strategic Choices
Impact of Internal Factors on Strategic Choices
Linking Strategic Direction to Business Objectives
Exam Trap: Misinterpreting the Ansoff Matrix
Exam Trap: Overlooking Risks in Positioning
Unit 9
Strategic Methods
Reasons for Business Growth
Reasons for Business Retrenchment
Organic Growth Explained
External Growth Explained
Economies of Scale Types
Diseconomies of Scale
Synergy in Business Growth
Overtrading Risks
Impact of Growth on Functional Areas
Mergers and Acquisitions
Joint Ventures and Franchising
Vertical Integration Types
Horizontal Integration
Conglomerate Integration
Pressures for Innovation
Product Innovation Explained
Process Innovation Explained
Kaizen and Continuous Improvement
Role of Research and Development
Intrapreneurship in Innovation
Benchmarking for Innovation
Protecting Intellectual Property
Impact of Innovation on Functional Areas
Globalisation Drivers for Business
Emerging Economies Importance
Reasons for International Markets
Exporting as Market Entry
Licensing as Market Entry
Alliances and Direct Investment
Offshoring vs Reshoring
Multinational Strategies
Factors Influencing International Markets
Managing Local Responsiveness
Managing Cost Reduction Abroad
Pressures to Adopt Digital Technology
Automation in Business
E-commerce Benefits
Big Data and Data Mining
Value of Digital Technology
Unit 10
Managing Strategic Change
Causes of Change in Business
Pressures for Change
Internal vs External Change
Incremental vs Disruptive Change
Lewin's Force Field Analysis
The Value of Change
Flexible Organisations
Restructuring in Organisations
Delayering as a Strategy
Flexible Employment Contracts
Organic vs Mechanistic Structures
Knowledge and Information Management
Barriers to Change
Kotter and Schlesinger's Reasons for Resistance
Overcoming Barriers to Change
Kotter and Schlesinger's Methods to Overcome Resistance
Organisational Culture Models
Handy's Cultural Types
Influences on Organisational Culture
Reasons for Changing Organisational Culture
Problems in Changing Organisational Culture
Effective Strategy Implementation
Leadership in Strategic Implementation
Communication in Strategic Implementation
Organisational Structure and Strategy
Network Analysis Basics
Interpreting Network Diagrams
Critical Path and Total Float
Amending Network Diagrams
Strategic Decision-Making Challenges
Planned vs Emergent Strategy
Understanding Strategic Drift
Evaluating Strategic Performance
The Value of Strategic Planning
Contingency Planning in Business
Crisis Management in Strategic Change
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