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A-LevelEdexcel
Business
Exam Questions
Mass markets vs niche marketsNewCharacteristics of mass marketsNewCharacteristics of niche marketsNewMarket size vs market shareNewWhat a brand is and why it mattersNewDynamic markets and why they changeNewOnline retailing and its impact on marketsNewInnovation as a driver of market growthNewHow businesses adapt to changing marketsNewHow competition affects marketsNewRisk vs uncertainty in business decisionsNewProduct orientation vs market orientationNewPrimary research: methods and usesNewSecondary research: sources and usesNewQuantitative vs qualitative market research dataNewUsing research to identify customer needs and wantsNewUsing research to estimate demandNewUsing research to understand consumer behaviourNewSampling, sample size, and why bias happensNewLimitations of market research in real decisionsNewUsing ICT for market research: websites and analyticsNewUsing ICT for market research: social media insightsNewUsing ICT for market research: databases and big dataNewMarket segmentation: what it is and why firms do itNewMarket mapping: building and reading a perceptual mapNewCompetitive advantage in a product or serviceNewProduct differentiation: purpose and methodsNewAdding value: how firms justify higher pricesNew
What demand means for businessesNewHow substitutes affect demandNewHow complementary goods affect demandNewHow income changes affect demandNewHow tastes, fashion and preferences affect demandNewHow advertising and branding affect demandNewDemographics and shifting patterns of demandNewExternal shocks and sudden demand changesNewSeasonality and predictable demand swingsNewWhat supply means for businessesNewHow production costs affect supplyNewNew technology and changes in supplyNewIndirect taxes and supply decisionsNewSubsidies and their impact on supplyNewExternal shocks and supply disruptionNewHow supply and demand interact to set priceNewDrawing supply and demand diagrams accuratelyNewInterpreting price changes using diagramsNewCalculating price elasticity of demand (PED)NewInterpreting PED values (elastic vs inelastic)NewFactors that influence PEDNewWhy PED matters for pricing decisionsNewPED and total revenue: calculating the relationshipNewCalculating income elasticity of demand (YED)NewInterpreting YED values (normal vs inferior)NewFactors that influence YEDNewWhy YED matters for market planningNew
The design mix: functionNewThe design mix: aestheticsNewThe design mix: cost constraintsNewDesigning for waste minimisation, re-use and recyclingNewEthical sourcing and product design decisionsNewTypes of promotion: above-the-line vs below-the-lineNewTypes of branding: product vs corporateNewHow strong branding adds valueNewBranding and charging premium pricesNewBranding and reducing price elasticityNewBuilding a brand using USPs and differentiationNewAdvertising as a brand-building toolNewSponsorship and brand associationNewSocial media for brand buildingNewViral marketing and why it worksNewEmotional branding and customer attachmentNewCost plus pricing and calculating mark-upNewPrice skimming: when it fits and whyNewPenetration pricing: when it fits and whyNewPredatory pricing: aims and risksNewCompetitive pricing: markets where it fitsNewPsychological pricing and consumer behaviourNewChoosing a pricing strategy: role of differentiationNewChoosing a pricing strategy: role of PEDNewChoosing a pricing strategy: role of competitionNewChoosing a pricing strategy: role of brand strengthNewChoosing a pricing strategy: role of product life cycleNewChoosing a pricing strategy: role of costs and profit needNewOnline sales and how pricing changesNewPrice comparison sites and pressure on pricingNewDistribution channels: direct vs indirectNewOnline distribution and route-to-market changeNewSwitching from product to service: distribution implicationsNewThe product life cycle: stages and sales/profit patternsNewExtension strategies: product changesNewExtension strategies: promotional changesNewBoston Matrix: stars, cash cows, question marks, dogsNewManaging a product portfolio using the Boston MatrixNewMarketing strategies for mass marketsNewMarketing strategies for niche marketsNewB2B vs B2C marketing: key differencesNewConsumer behaviour and building customer loyaltyNew
Seeing staff as an assetNewSeeing staff as a costNewWhy firms build a flexible workforceNewMulti-skilling: benefits and drawbacksNewPart-time and temporary work: benefits and drawbacksNewFlexible hours and home working: impacts on performanceNewOutsourcing: why firms do it and the risksNewDismissal vs redundancy: key distinctionsNewEmployer–employee relationships: individual approachNewEmployer–employee relationships: collective bargainingNewThe recruitment and selection process: stagesNewInternal vs external recruitment: pros and consNewCosts of recruitment and selectionNewCosts of training and developmentNewInduction training: purpose and examplesNewOn-the-job training: purpose and examplesNewOff-the-job training: purpose and examplesNewOrganisational structure: hierarchy and levelsNewChain of command and accountabilityNewSpan of control and management effectivenessNewCentralisation vs decentralisationNewTall structures: advantages and disadvantagesNewFlat structures: advantages and disadvantagesNewMatrix structures: advantages and disadvantagesNewHow structure affects efficiencyNewHow structure affects motivationNew
Why motivation matters for business performanceNewTaylor and scientific managementNewMayo and human relations theoryNewMaslow and hierarchy of needsNewHerzberg and two-factor theoryNewPiecework pay: when it motivatesNewCommission: when it motivatesNewBonuses and performance targetsNewProfit share and aligning staff goalsNewPerformance-related pay: benefits and drawbacksNewDelegation as a motivational toolNewConsultation and employee voiceNewEmpowerment and ownership of workNewTeam working and motivationNewFlexible working and work–life balanceNewJob enrichment and responsibilityNewJob rotation and skill developmentNewJob enlargement and task varietyNewManagement vs leadership: key differencesNewAutocratic leadership: when it worksNewPaternalistic leadership: when it worksNewDemocratic leadership: when it worksNewLaissez-faire leadership: when it worksNew
What entrepreneurs do when creating a businessNewSetting up a business: key start-up decisionsNewRunning a business: day-to-day prioritiesNewExpanding a business: growth decisionsNewIntrapreneurship and innovation within firmsNewBarriers to entrepreneurshipNewHow entrepreneurs anticipate risk and uncertaintyNewEntrepreneurial skills and personal characteristicsNewFinancial motives: profit maximisationNewFinancial motives: profit satisficingNewNon-financial motives: ethical stanceNewNon-financial motives: social entrepreneurshipNewNon-financial motives: independence and home workingNewBusiness objectives: survivalNewBusiness objectives: profit maximisationNewBusiness objectives: sales maximisationNewBusiness objectives: market shareNewBusiness objectives: cost efficiencyNewBusiness objectives: employee welfareNewBusiness objectives: customer satisfactionNewBusiness objectives: social objectivesNewSole trader: features and suitabilityNewPartnership: features and suitabilityNewPrivate limited company: features and suitabilityNewFranchising: how it worksNewSocial enterprise: aims and structureNewLifestyle businesses: aims and trade-offsNewOnline businesses: opportunities and risksNewGrowth to PLC and stock market flotationNewOpportunity cost in business choicesNewTrade-offs in real business decisionsNewMoving from entrepreneur to leader: why it’s difficultNew
Internal finance: owner’s capital and personal savingsNewInternal finance: retained profitNewInternal finance: selling assetsNewExternal finance: family and friendsNewExternal finance: bank financeNewPeer-to-peer funding: how it worksNewBusiness angels: role and expectationsNewCrowdfunding: types and suitabilityNewFinance from other businesses: partnerships and investmentNewLoans: features and implicationsNewShare capital: how it raises fundsNewVenture capital: what investors wantNewOverdrafts: flexibility and riskNewLeasing: benefits and drawbacksNewTrade credit: managing supplier financeNewGrants: conditions and limitationsNewLimited vs unlimited liability: what it meansNewHow liability affects finance choicesNewWhat a business plan needs to show for financeNewCash-flow forecasts: reading inflows and outflowsNewCash-flow forecasts: changing variables and recalculatingNewCash-flow forecasts: uses and limitationsNew
Why businesses produce sales forecastsNewConsumer trends and forecast accuracyNewEconomic variables and forecast accuracyNewCompetitors’ actions and forecast accuracyNewWhy sales forecasting is difficultNewCalculating sales volumeNewCalculating sales revenueNewFixed costs vs variable costsNewCalculating total costs from fixed and variable costsNewContribution: calculating contribution per unitNewBreak-even: what it means for riskNewCalculating break-even point using contributionNewMargin of safety: calculation and meaningNewBreak-even charts: drawing and interpretingNewLimitations of break-even analysis in real firmsNewWhy businesses set budgetsNewHistorical budgets: strengths and weaknessesNewZero-based budgets: strengths and weaknessesNewVariance analysis: favourable vs adverse variancesNewWhy budgeting is difficult in dynamic marketsNew
Gross profit: calculation and meaningNewOperating profit: calculation and meaningNewProfit for the year (net profit): calculation and meaningNewIncome statement: what it shows stakeholdersNewGross profit margin: calculation and interpretationNewOperating profit margin: calculation and interpretationNewNet profit margin: calculation and interpretationNewWays to improve profitability (revenue and cost actions)NewProfit vs cash: why profitable firms can failNewStatement of financial position: what it showsNewCurrent ratio: calculation and interpretationNewAcid test ratio: calculation and interpretationNewWays to improve liquidityNewWorking capital: what it is and why it mattersNewManaging working capital: stock, debtors and creditorsNewInternal causes of business failure (financial)NewExternal causes of business failure (financial)NewInternal causes of business failure (non-financial)NewExternal causes of business failure (non-financial)New
Job production: features and suitable productsNewBatch production: features and suitable productsNewFlow production: features and suitable productsNewCell production: features and suitable productsNewProductivity: calculating output per input over timeNewFactors influencing productivityNewProductivity and competitiveness linkNewEfficiency and minimum average costNewFactors influencing efficiencyNewLabour-intensive vs capital-intensive productionNewCapacity utilisation: calculation and interpretationNewUnder-utilisation: implications and costsNewOver-utilisation: implications and risksNewWays to improve capacity utilisationNewStock control diagrams: interpreting the graphNewBuffer stocks: purpose and costNewProblems caused by poor stock controlNewJust-in-time stock management: benefits and risksNewWaste minimisation and cost competitivenessNewLean production as a competitive advantageNewQuality control: inspection and consistencyNewQuality assurance: systems and preventionNewQuality circles: staff involvement in improvementNewTotal Quality Management (TQM): whole-business focusNewKaizen and continuous improvementNewQuality management as a source of competitive advantageNew
Inflation and business costs/pricing decisionsNewConsumer Prices Index (CPI) and measuring inflationNewExchange rates: appreciation and depreciationNewExchange rates and import/export competitivenessNewInterest rates and consumer/business borrowingNewTaxation and government spending: demand effectsNewThe business cycle and sales/profit impactsNewEconomic uncertainty and business decision-makingNewConsumer protection laws and business operationsNewEmployee protection laws and staffing costsNewEnvironmental protection laws and complianceNewCompetition policy and market behaviourNewHealth and safety regulation and operating costsNewCompetition and market size in the competitive environmentNew
Corporate aims vs corporate objectivesNewBuilding objectives from a mission statementNewCritically appraising mission statementsNewAnsoff’s Matrix: market penetrationNewAnsoff’s Matrix: market developmentNewAnsoff’s Matrix: product developmentNewAnsoff’s Matrix: diversificationNewPorter’s Strategic Matrix: cost leadershipNewPorter’s Strategic Matrix: differentiationNewPorter’s Strategic Matrix: focus strategiesNewPortfolio analysis: what it is trying to achieveNewDistinctive capabilities and competitive advantageNewStrategic vs tactical decisions: what changesNewStrategy decisions and human resources needsNewStrategy decisions and physical resources needsNewStrategy decisions and financial resources needsNewSWOT analysis: strengths and weaknessesNewSWOT analysis: opportunities and threatsNewPESTLE analysis: what each factor meansNewA changing competitive environment and strategyNewPorter’s Five Forces: threat of new entrantsNewPorter’s Five Forces: bargaining power of suppliersNewPorter’s Five Forces: bargaining power of customersNewPorter’s Five Forces: threat of substitutesNewPorter’s Five Forces: competitive rivalryNew
Why businesses pursue growthNewEconomies of scale: internalNewEconomies of scale: externalNewGrowth and market power over suppliers and customersNewGrowth and market share/brand recognitionNewGrowth and profitabilityNewDiseconomies of scale and rising unit costsNewCommunication problems as firms growNewOvertrading and cash-flow pressureNewMergers vs takeovers: key differencesNewReasons firms merge or takeoverNewHorizontal integration: aims and examplesNewVertical integration: aims and examplesNewFinancial risks and rewards of mergers/takeoversNewProblems of rapid growth and integrationNewOrganic vs inorganic growth: what’s the differenceNewOrganic growth methods (new products, new outlets, etc.)NewAdvantages of organic growthNewDisadvantages of organic growthNewWhy some businesses choose to stay smallNewSurvival through differentiation and USPsNewFlexibility and speed of response as an advantageNewCustomer service as a competitive strategyNewE-commerce enabling small business survivalNew
Time series analysis: what it’s used forNewMoving averages (three period/four quarter): calculationNewInterpreting moving averages for forecastingNewScatter graphs: plotting data correctlyNewLine of best fit and extrapolationNewLimitations of quantitative sales forecastingNewSimple payback: calculation and interpretationNewAverage rate of return (ARR): calculation and interpretationNewDiscounted cash flow and Net Present Value (NPV)NewInterpreting investment appraisal results for decisionsNewLimitations of investment appraisal methodsNewDecision trees: structure and key termsNewCalculating expected values in decision treesNewInterpreting decision tree outcomesNewLimitations of decision treesNewCritical Path Analysis (CPA): purpose and useNewBuilding a simple network diagramNewIdentifying the critical pathNewCalculating earliest start timesNewCalculating latest finish timesNewCalculating total floatNewLimitations of Critical Path AnalysisNew
Short-termism vs long-termism in corporate planningNewEvidence-based decision-making vs subjective judgementNewStrong vs weak corporate culturesNewPower culture: features and implicationsNewRole culture: features and implicationsNewTask culture: features and implicationsNewPerson culture: features and implicationsNewHow corporate culture is formedNewWhy changing culture is difficultNewInternal stakeholders and their objectivesNewExternal stakeholders and their objectivesNewStakeholder approach vs shareholder approachNewConflicts between profit objectives and wider objectivesNewEthical trade-offs in strategic decisionsNewPay and rewards: ethical debates and impactsNewCorporate Social Responsibility (CSR): meaning and aimsNew
Income statement: key information for stakeholdersNewIncome statement: different stakeholder interestsNewStatement of financial position: key informationNewStatement of financial position: different stakeholder interestsNewGearing ratio: calculation and meaningNewROCE: calculation and meaningNewUsing ratios to judge performance and riskNewLimitations of ratio analysisNewLabour productivity: calculation and interpretationNewLabour turnover and retention: calculation and meaningNewAbsenteeism: calculation and meaningNewFinancial rewards to improve productivity and retentionNewEmployee share ownership and motivationNewConsultation strategies to improve engagementNewEmpowerment strategies to reduce turnover/absenteeismNew
Causes of change: growth in organisational sizeNewCauses of change: poor business performanceNewCauses of change: new ownershipNewCauses of change: transformational leadershipNewCauses of change: market and external factors (PESTLE)NewEffects of change on competitivenessNewEffects of change on productivityNewEffects of change on financial performanceNewEffects of change on stakeholdersNewCulture as a key factor in managing changeNewOrganisation size and change complexityNewTime and speed of change: risks and benefitsNewManaging resistance to change: why people resistNewRisk assessment: identifying key risksNewNatural disasters and business disruptionNewIT systems failure and business disruptionNewLoss of key staff and business disruptionNewRisk mitigation: business continuity planningNewRisk mitigation: succession planningNew
Comparing UK growth to emerging economiesNewRising economic power in Asia, Africa and beyondNewEconomic growth and trade opportunities for firmsNewEconomic growth and changing employment patternsNewGDP per capita as a growth indicatorNewLiteracy as a development indicatorNewHealth as a development indicatorNewHuman Development Index (HDI) as a development indicatorNewExports vs imports: meaning and examplesNewSpecialisation and competitive advantageNewForeign Direct Investment (FDI) and business growthNewTrade liberalisation and reduced barriersNewPolitical change and openness to tradeNewLower transport costs and global supply chainsNewLower communication costs and global coordinationNewGrowth of transnational companies and market powerNewIncreased FDI flows and capital movementNewMigration and labour market changeNewGrowth of the global labour force and competitionNewStructural change in economies and industriesNewProtectionism: what it is and why it happensNewTariffs and how they affect businessesNewImport quotas and their impact on competitionNewOther trade barriers: regulation and standardsNewDomestic subsidies and competitive effectsNewTrading blocs: why they formNewEU single market: key business impactsNewASEAN: key business impactsNewNAFTA: key business impactsNewHow trading blocs affect business decisionsNew
Push factors for global trade: saturated home marketsNewPush factors for global trade: intense competitionNewPull factors: economies of scale from bigger marketsNewPull factors: spreading risk across marketsNewOffshoring vs outsourcing: meanings and differencesNewExtending the product life cycle through international salesNewAssessing a country market: disposable income levelsNewAssessing a country market: disposable income growthNewEase of doing business as an entry factorNewInfrastructure as a market entry factorNewPolitical stability as a market entry factorNewExchange rate considerations for market entryNewAssessing a production location: production cost factorsNewLabour skills and availability in production decisionsNewInfrastructure for efficient production and distributionNewLocation within a trade bloc and tariff advantagesNewGovernment incentives to attract productionNewPolitical stability and operating riskNewNatural resources and supply securityNewExpected return on investment (ROI) in location choiceNewReasons for global mergers and joint venturesNewSpreading risk across countries/regionsNewEntering new markets and trade blocs quicklyNewAcquiring brand names and patents internationallyNewSecuring resources and supplies through integrationNewMaintaining or increasing global competitivenessNewExchange rate movements and competitivenessNewCompeting on cost in global marketsNewCompeting through differentiation in global marketsNewSkill shortages and global competitivenessNew
Global marketing strategy vs localisationNewGlocalisation: balancing global scale with local needsNewEthnocentric (domestic) marketing approachNewGeocentric (mixed) marketing approachNewPolycentric (international) marketing approachNewAdapting the marketing mix (4Ps) for global marketsNewUsing Ansoff’s Matrix for global growth decisionsNewCultural diversity and different consumer valuesNewFeatures of global niche marketsNewAdapting the 4Ps for global niche marketsNewCultural differences and marketing riskNewDifferent tastes and product adaptationNewLanguage issues and communication barriersNewUnintended meanings in brandingNewInaccurate translation and brand damageNewInappropriate branding and promotion and backlashNew
How MNCs affect local wages and working conditionsNewHow MNCs affect local job creationNewHow MNCs affect local businesses and competitionNewHow MNCs affect communities and the environmentNewFDI flows and the national economyNewBalance of payments impacts of MNC activityNewTechnology and skills transfer from MNCsNewImpacts on consumers: choice, price, standardsNewImpacts on business culture and management practiceNewTax revenues and transfer pricing issuesNewStakeholder conflicts in global operationsNewPay and working conditions: ethical challengesNewEnvironmental impacts: emissions and regulationNewEnvironmental impacts: waste disposal and complianceNewSupply chain ethics: exploitation of labourNewSupply chain ethics: child labour risksNewMarketing ethics: misleading labellingNewMarketing ethics: inappropriate promotional activityNewPolitical influence of MNCs and policy pressureNewLegal controls over MNC behaviourNewPressure groups and reputational riskNewSocial media and public accountability for MNCsNew
