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A-LevelEdexcel

Business

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Mass markets vs niche markets

Meeting customer needs

Characteristics of mass markets

Meeting customer needs

Characteristics of niche markets

Meeting customer needs

Market size vs market share

Meeting customer needs

What a brand is and why it matters

Meeting customer needs

Dynamic markets and why they change

Meeting customer needs

Curriculum Modules

Mass markets vs niche markets Characteristics of mass markets Characteristics of niche markets Market size vs market share What a brand is and why it matters Dynamic markets and why they change Online retailing and its impact on markets Innovation as a driver of market growth How businesses adapt to changing markets How competition affects markets Risk vs uncertainty in business decisions Product orientation vs market orientation Primary research: methods and uses Secondary research: sources and uses Quantitative vs qualitative market research data Using research to identify customer needs and wants Using research to estimate demand Using research to understand consumer behaviour Sampling, sample size, and why bias happens Limitations of market research in real decisions Using ICT for market research: websites and analytics Using ICT for market research: social media insights Using ICT for market research: databases and big data Market segmentation: what it is and why firms do it Market mapping: building and reading a perceptual map Competitive advantage in a product or service Product differentiation: purpose and methods Adding value: how firms justify higher prices

What demand means for businesses How substitutes affect demand How complementary goods affect demand How income changes affect demand How tastes, fashion and preferences affect demand How advertising and branding affect demand Demographics and shifting patterns of demand External shocks and sudden demand changes Seasonality and predictable demand swings What supply means for businesses How production costs affect supply New technology and changes in supply Indirect taxes and supply decisions Subsidies and their impact on supply External shocks and supply disruption How supply and demand interact to set price Drawing supply and demand diagrams accurately Interpreting price changes using diagrams Calculating price elasticity of demand (PED)Interpreting PED values (elastic vs inelastic)Factors that influence PED Why PED matters for pricing decisions PED and total revenue: calculating the relationship Calculating income elasticity of demand (YED)Interpreting YED values (normal vs inferior)Factors that influence YED Why YED matters for market planning

The design mix: function The design mix: aesthetics The design mix: cost constraints Designing for waste minimisation, re-use and recycling Ethical sourcing and product design decisions Types of promotion: above-the-line vs below-the-line Types of branding: product vs corporate How strong branding adds value Branding and charging premium prices Branding and reducing price elasticity Building a brand using USPs and differentiation Advertising as a brand-building tool Sponsorship and brand association Social media for brand building Viral marketing and why it works Emotional branding and customer attachment Cost plus pricing and calculating mark-up Price skimming: when it fits and why Penetration pricing: when it fits and why Predatory pricing: aims and risks Competitive pricing: markets where it fits Psychological pricing and consumer behaviour Choosing a pricing strategy: role of differentiation Choosing a pricing strategy: role of PED Choosing a pricing strategy: role of competition Choosing a pricing strategy: role of brand strength Choosing a pricing strategy: role of product life cycle Choosing a pricing strategy: role of costs and profit need Online sales and how pricing changes Price comparison sites and pressure on pricing Distribution channels: direct vs indirect Online distribution and route-to-market change Switching from product to service: distribution implications The product life cycle: stages and sales/profit patterns Extension strategies: product changes Extension strategies: promotional changes Boston Matrix: stars, cash cows, question marks, dogs Managing a product portfolio using the Boston Matrix Marketing strategies for mass markets Marketing strategies for niche markets B2B vs B2C marketing: key differences Consumer behaviour and building customer loyalty

Seeing staff as an asset Seeing staff as a cost Why firms build a flexible workforce Multi-skilling: benefits and drawbacks Part-time and temporary work: benefits and drawbacks Flexible hours and home working: impacts on performance Outsourcing: why firms do it and the risks Dismissal vs redundancy: key distinctions Employer–employee relationships: individual approach Employer–employee relationships: collective bargaining The recruitment and selection process: stages Internal vs external recruitment: pros and cons Costs of recruitment and selection Costs of training and development Induction training: purpose and examples On-the-job training: purpose and examples Off-the-job training: purpose and examples Organisational structure: hierarchy and levels Chain of command and accountability Span of control and management effectiveness Centralisation vs decentralisation Tall structures: advantages and disadvantages Flat structures: advantages and disadvantages Matrix structures: advantages and disadvantages How structure affects efficiency How structure affects motivation

What entrepreneurs do when creating a business Setting up a business: key start-up decisions Running a business: day-to-day priorities Expanding a business: growth decisions Intrapreneurship and innovation within firms Barriers to entrepreneurship How entrepreneurs anticipate risk and uncertainty Entrepreneurial skills and personal characteristics Financial motives: profit maximisation Financial motives: profit satisficing Non-financial motives: ethical stance Non-financial motives: social entrepreneurship Non-financial motives: independence and home working Business objectives: survival Business objectives: profit maximisation Business objectives: sales maximisation Business objectives: market share Business objectives: cost efficiency Business objectives: employee welfare Business objectives: customer satisfaction Business objectives: social objectives Sole trader: features and suitability Partnership: features and suitability Private limited company: features and suitability Franchising: how it works Social enterprise: aims and structure Lifestyle businesses: aims and trade-offs Online businesses: opportunities and risks Growth to PLC and stock market flotation Opportunity cost in business choices Trade-offs in real business decisions Moving from entrepreneur to leader: why it’s difficult

Internal finance: owner’s capital and personal savings Internal finance: retained profit Internal finance: selling assets External finance: family and friends External finance: bank finance Peer-to-peer funding: how it works Business angels: role and expectations Crowdfunding: types and suitability Finance from other businesses: partnerships and investment Loans: features and implications Share capital: how it raises funds Venture capital: what investors want Overdrafts: flexibility and risk Leasing: benefits and drawbacks Trade credit: managing supplier finance Grants: conditions and limitations Limited vs unlimited liability: what it means How liability affects finance choices What a business plan needs to show for finance Cash-flow forecasts: reading inflows and outflows Cash-flow forecasts: changing variables and recalculating Cash-flow forecasts: uses and limitations

Gross profit: calculation and meaning Operating profit: calculation and meaning Profit for the year (net profit): calculation and meaning Income statement: what it shows stakeholders Gross profit margin: calculation and interpretation Operating profit margin: calculation and interpretation Net profit margin: calculation and interpretation Ways to improve profitability (revenue and cost actions)Profit vs cash: why profitable firms can fail Statement of financial position: what it shows Current ratio: calculation and interpretation Acid test ratio: calculation and interpretation Ways to improve liquidity Working capital: what it is and why it matters Managing working capital: stock, debtors and creditors Internal causes of business failure (financial)External causes of business failure (financial)Internal causes of business failure (non-financial)External causes of business failure (non-financial)

Job production: features and suitable products Batch production: features and suitable products Flow production: features and suitable products Cell production: features and suitable products Productivity: calculating output per input over time Factors influencing productivity Productivity and competitiveness link Efficiency and minimum average cost Factors influencing efficiency Labour-intensive vs capital-intensive production Capacity utilisation: calculation and interpretation Under-utilisation: implications and costs Over-utilisation: implications and risks Ways to improve capacity utilisation Stock control diagrams: interpreting the graph Buffer stocks: purpose and cost Problems caused by poor stock control Just-in-time stock management: benefits and risks Waste minimisation and cost competitiveness Lean production as a competitive advantage Quality control: inspection and consistency Quality assurance: systems and prevention Quality circles: staff involvement in improvement Total Quality Management (TQM): whole-business focus Kaizen and continuous improvement Quality management as a source of competitive advantage

Inflation and business costs/pricing decisions Consumer Prices Index (CPI) and measuring inflation Exchange rates: appreciation and depreciation Exchange rates and import/export competitiveness Interest rates and consumer/business borrowing Taxation and government spending: demand effects The business cycle and sales/profit impacts Economic uncertainty and business decision-making Consumer protection laws and business operations Employee protection laws and staffing costs Environmental protection laws and compliance Competition policy and market behaviour Health and safety regulation and operating costs Competition and market size in the competitive environment

Corporate aims vs corporate objectives Building objectives from a mission statement Critically appraising mission statements Ansoff’s Matrix: market penetration Ansoff’s Matrix: market development Ansoff’s Matrix: product development Ansoff’s Matrix: diversification Porter’s Strategic Matrix: cost leadership Porter’s Strategic Matrix: differentiation Porter’s Strategic Matrix: focus strategies Portfolio analysis: what it is trying to achieve Distinctive capabilities and competitive advantage Strategic vs tactical decisions: what changes Strategy decisions and human resources needs Strategy decisions and physical resources needs Strategy decisions and financial resources needs SWOT analysis: strengths and weaknesses SWOT analysis: opportunities and threats PESTLE analysis: what each factor means A changing competitive environment and strategy Porter’s Five Forces: threat of new entrants Porter’s Five Forces: bargaining power of suppliers Porter’s Five Forces: bargaining power of customers Porter’s Five Forces: threat of substitutes Porter’s Five Forces: competitive rivalry

Why businesses pursue growth Economies of scale: internal Economies of scale: external Growth and market power over suppliers and customers Growth and market share/brand recognition Growth and profitability Diseconomies of scale and rising unit costs Communication problems as firms grow Overtrading and cash-flow pressure Mergers vs takeovers: key differences Reasons firms merge or takeover Horizontal integration: aims and examples Vertical integration: aims and examples Financial risks and rewards of mergers/takeovers Problems of rapid growth and integration Organic vs inorganic growth: what’s the difference Organic growth methods (new products, new outlets, etc.)Advantages of organic growth Disadvantages of organic growth Why some businesses choose to stay small Survival through differentiation and USPs Flexibility and speed of response as an advantage Customer service as a competitive strategy E-commerce enabling small business survival

Time series analysis: what it’s used for Moving averages (three period/four quarter): calculation Interpreting moving averages for forecasting Scatter graphs: plotting data correctly Line of best fit and extrapolation Limitations of quantitative sales forecasting Simple payback: calculation and interpretation Average rate of return (ARR): calculation and interpretation Discounted cash flow and Net Present Value (NPV)Interpreting investment appraisal results for decisions Limitations of investment appraisal methods Decision trees: structure and key terms Calculating expected values in decision trees Interpreting decision tree outcomes Limitations of decision trees Critical Path Analysis (CPA): purpose and use Building a simple network diagram Identifying the critical path Calculating earliest start times Calculating latest finish times Calculating total float Limitations of Critical Path Analysis

Short-termism vs long-termism in corporate planning Evidence-based decision-making vs subjective judgement Strong vs weak corporate cultures Power culture: features and implications Role culture: features and implications Task culture: features and implications Person culture: features and implications How corporate culture is formed Why changing culture is difficult Internal stakeholders and their objectives External stakeholders and their objectives Stakeholder approach vs shareholder approach Conflicts between profit objectives and wider objectives Ethical trade-offs in strategic decisions Pay and rewards: ethical debates and impacts Corporate Social Responsibility (CSR): meaning and aims

Income statement: key information for stakeholders Income statement: different stakeholder interests Statement of financial position: key information Statement of financial position: different stakeholder interests Gearing ratio: calculation and meaning ROCE: calculation and meaning Using ratios to judge performance and risk Limitations of ratio analysis Labour productivity: calculation and interpretation Labour turnover and retention: calculation and meaning Absenteeism: calculation and meaning Financial rewards to improve productivity and retention Employee share ownership and motivation Consultation strategies to improve engagement Empowerment strategies to reduce turnover/absenteeism

Causes of change: growth in organisational size Causes of change: poor business performance Causes of change: new ownership Causes of change: transformational leadership Causes of change: market and external factors (PESTLE)Effects of change on competitiveness Effects of change on productivity Effects of change on financial performance Effects of change on stakeholders Culture as a key factor in managing change Organisation size and change complexity Time and speed of change: risks and benefits Managing resistance to change: why people resist Risk assessment: identifying key risks Natural disasters and business disruption IT systems failure and business disruption Loss of key staff and business disruption Risk mitigation: business continuity planning Risk mitigation: succession planning

Comparing UK growth to emerging economies Rising economic power in Asia, Africa and beyond Economic growth and trade opportunities for firms Economic growth and changing employment patterns GDP per capita as a growth indicator Literacy as a development indicator Health as a development indicator Human Development Index (HDI) as a development indicator Exports vs imports: meaning and examples Specialisation and competitive advantage Foreign Direct Investment (FDI) and business growth Trade liberalisation and reduced barriers Political change and openness to trade Lower transport costs and global supply chains Lower communication costs and global coordination Growth of transnational companies and market power Increased FDI flows and capital movement Migration and labour market change Growth of the global labour force and competition Structural change in economies and industries Protectionism: what it is and why it happens Tariffs and how they affect businesses Import quotas and their impact on competition Other trade barriers: regulation and standards Domestic subsidies and competitive effects Trading blocs: why they form EU single market: key business impacts ASEAN: key business impacts NAFTA: key business impacts How trading blocs affect business decisions

Push factors for global trade: saturated home markets Push factors for global trade: intense competition Pull factors: economies of scale from bigger markets Pull factors: spreading risk across markets Offshoring vs outsourcing: meanings and differences Extending the product life cycle through international sales Assessing a country market: disposable income levels Assessing a country market: disposable income growth Ease of doing business as an entry factor Infrastructure as a market entry factor Political stability as a market entry factor Exchange rate considerations for market entry Assessing a production location: production cost factors Labour skills and availability in production decisions Infrastructure for efficient production and distribution Location within a trade bloc and tariff advantages Government incentives to attract production Political stability and operating risk Natural resources and supply security Expected return on investment (ROI) in location choice Reasons for global mergers and joint ventures Spreading risk across countries/regions Entering new markets and trade blocs quickly Acquiring brand names and patents internationally Securing resources and supplies through integration Maintaining or increasing global competitiveness Exchange rate movements and competitiveness Competing on cost in global markets Competing through differentiation in global markets Skill shortages and global competitiveness

Global marketing strategy vs localisation Glocalisation: balancing global scale with local needs Ethnocentric (domestic) marketing approach Geocentric (mixed) marketing approach Polycentric (international) marketing approach Adapting the marketing mix (4Ps) for global markets Using Ansoff’s Matrix for global growth decisions Cultural diversity and different consumer values Features of global niche markets Adapting the 4Ps for global niche markets Cultural differences and marketing risk Different tastes and product adaptation Language issues and communication barriers Unintended meanings in branding Inaccurate translation and brand damage Inappropriate branding and promotion and backlash

How MNCs affect local wages and working conditions How MNCs affect local job creation How MNCs affect local businesses and competition How MNCs affect communities and the environment FDI flows and the national economy Balance of payments impacts of MNC activity Technology and skills transfer from MNCs Impacts on consumers: choice, price, standards Impacts on business culture and management practice Tax revenues and transfer pricing issues Stakeholder conflicts in global operations Pay and working conditions: ethical challenges Environmental impacts: emissions and regulation Environmental impacts: waste disposal and compliance Supply chain ethics: exploitation of labour Supply chain ethics: child labour risks Marketing ethics: misleading labelling Marketing ethics: inappropriate promotional activity Political influence of MNCs and policy pressure Legal controls over MNC behaviour Pressure groups and reputational risk Social media and public accountability for MNCs

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