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What Enterprise MeansWhat SMEs AreNeeds, Wants and Business OpportunitiesSpotting Business Opportunities in Real MarketsThe Entrepreneur’s Role in Starting UpThe Entrepreneur’s Role in Running and Growing a BusinessFinancial Motives of EntrepreneursNon-Financial Motives of EntrepreneursEntrepreneurial Skills and CharacteristicsWhy Entrepreneurs Matter to the UK EconomyEntrepreneurs and SMEs in Primary, Secondary and Tertiary SectorsHow SMEs Affect Other BusinessesHow SMEs Affect the Wider EconomyWho Stakeholders AreStakeholder Groups in a Small Business ContextHow Stakeholders Are Affected by Business Decisions
Why Businesses Write Business PlansThe Main Sections of a Business PlanInterpreting a Business Plan for a Start-UpStrengths and Limitations of Business PlansUsing Business Plans to Attract FinanceUsing Business Plans to Reduce RiskSources of Advice and Guidance for EntrepreneursUsing Market Information in a Business PlanUsing Cost and Revenue Estimates in a Business PlanEvaluating the Importance of Planning for SMEs
What a Market IsWhat Competition Means in BusinessLocal and Global MarketsMass and Niche MarketsTrade and Consumer MarketsProduct and Service MarketsSeasonal Markets and Demand PatternsMarket Size, Market Share and Market GrowthReading and Interpreting Market Trend DataMarket Segmentation: What It IsHow Markets Are SegmentedWhy Segmentation Matters to BusinessesImpacts of Segmentation on CustomersMarket Structures: Perfect CompetitionMarket Structures: Monopolistic CompetitionMarket Structures: OligopolyMarket Structures: MonopolyHow Market Structure Shapes Business BehaviourWhy Consumers May Need ProtectionDemand, Supply and Equilibrium: Key IdeasShifts in Demand: Causes and EffectsShifts in Supply: Causes and EffectsDrawing and Interpreting Demand and Supply DiagramsChanges in Equilibrium Price and QuantityPrice and Income Elasticity as ConceptsInferior, Normal and Luxury Goods
What Market Research IsWhy Businesses Carry Out Market ResearchPrimary vs Secondary ResearchQualitative vs Quantitative DataPrimary Research Methods Businesses UseSecondary Research Sources Businesses UseChoosing the Right Research Method for a ScenarioReliability, Validity and Bias in Market ResearchInterpreting Quantitative Research FindingsInterpreting Qualitative Research FindingsWhat Sampling MeansRandom Sampling vs Quota SamplingSampling Bias and How to Reduce ItHow Useful Sampling Is for Business DecisionsEvaluating Market Research for Different Stakeholders
Private Sector vs Public SectorPrivate Sector Aims: SurvivalPrivate Sector Aims: GrowthPrivate Sector Aims: ProfitPublic Sector Aims and the Role of Government ProvisionComparing Public and Private Sector RolesSole Traders: Features and SuitabilityPartnerships: Features and SuitabilityPrivate Limited Companies: Features and SuitabilityPublic Limited Companies: Features and SuitabilityUnlimited Liability vs Limited LiabilityChoosing a Legal Structure: Key FactorsPros and Cons of Different Legal StructuresNot-for-Profit Organisations: Core FeaturesSocial EnterprisesCharitiesCo-operatives and SocietiesHow Legal Structure Affects Stakeholders
Location Decisions for New Businesses: The Main FactorsAnalysing Location Factors for Different Business NeedsOnline vs Physical Location DecisionsLocation Trade-Offs and Opportunity CostEvaluating Location Options for a Start-UpHow Location Affects Costs, Revenue and CompetitivenessLocation and Stakeholders: Winners and Losers
Why SMEs Need FinanceInternal vs External Finance for SMEsOwner’s Capital for Start-UpsBank Loans for SMEsOverdrafts for SMEsTrade Credit for SMEsCrowdfunding and Other Modern Funding RoutesBusiness Angels and Venture Capital for SMEsLeasing for SMEsGrants and Other Support Schemes (as finance sources)Choosing Finance: Cost, Risk and ControlAdvantages and Disadvantages of Each Finance SourceEvaluating the Best Finance Mix for a Scenario
Revenue, Costs and Profit: DefinitionsFixed CostsVariable CostsSemi-Variable CostsDirect CostsIndirect and Overhead CostsTotal CostsCalculating RevenueCalculating Total CostsCalculating ProfitInterpreting Revenue, Cost and Profit FiguresImpacts of Changing Costs and Revenues on ProfitStakeholder Impacts of Profit ChangesWhat Contribution MeansBreak-Even: What It MeansCalculating Break-Even Using ContributionDrawing and Interpreting Break-Even ChartsMargin of SafetyShowing Cost/Revenue Changes on Break-Even ChartsBreak-Even “What-If” AnalysisLimits of Break-Even Analysis
The Purpose of MarketingWhy Marketing Matters for Different Types of BusinessMarket OrientationProduct OrientationAsset-Led MarketingThe Marketing Mix: OverviewProduct: Product, Brand, USP and DifferentiationProduct Portfolio BasicsThe Product Life Cycle: StagesDrawing and Interpreting the Product Life CycleExtension Strategies on the Product Life CycleProduct Life Cycle and Cash Flow LinksUsing the Product Life Cycle in Different MarketsEvaluating the Product Life Cycle as a ToolThe Boston Matrix: Stars, Cash Cows, Problem Children, DogsUsing the Boston Matrix to Manage a PortfolioEvaluating the Boston Matrix as a ToolPricing Strategies: Penetration PricingPricing Strategies: Price SkimmingPricing Strategies: Cost-Plus PricingPricing Strategies: Competitive PricingPricing Strategies: Psychological PricingPricing Strategies: Contribution-Based PricingChoosing Pricing for Different Business ContextsPromotion: What It MeansAbove-the-Line PromotionBelow-the-Line PromotionChoosing Promotions for Different SituationsPlace: Distribution ChannelsMulti-Channel DistributionChoosing the Right Distribution ChannelGlobal Marketing and Global BrandsAdapting the Marketing Mix to Different ContextsNew Technology in Marketing: Digital Media and Social MediaE-tailing and M-commerceHow Technology Changes High Street BusinessesEvaluating Technology’s Impact on Marketing and Stakeholders
What the Finance Department DoesWhat a Budget IsWhy Businesses Use BudgetsBenefits and Drawbacks of BudgetingSources of Finance for Large and Established BusinessesInternal Finance for Larger BusinessesExternal Finance: Overdrafts and LoansExternal Finance: Share CapitalExternal Finance: Venture CapitalExternal Finance: LeasingExternal Finance: Trade CreditExternal Finance: Debt FactoringChoosing Appropriate Sources of FinanceCash Flow: What It MeansWhat a Cash Flow Forecast IsConstructing a Cash Flow ForecastInterpreting Cash Flow ForecastsCauses of Cash Flow ProblemsImproving Cash Flow: Practical StrategiesEvaluating Cash Flow Improvement StrategiesBenefits and Limitations of Cash Flow ForecastingThe Income Statement: Purpose and LayoutGross Profit and Net Profit CalculationsImproving Profit: Methods and Trade-OffsProfitability Ratios: Gross Profit MarginProfitability Ratios: Net Profit MarginUsing Profitability Ratios to Assess Performance
What the HR Function DoesFlexible Workforce: What It MeansFlexible Hours and Part-Time WorkTemporary Work, Job Sharing and Multi-SkillingZero Hours Contracts and Hot-DeskingHome Working and Hybrid WorkingHow Technology Changes Working PracticesImpacts of Flexible Working on EmployeesImpacts of Flexible Working on Employers
Workforce Planning: What It MeansWhy Skills and Staffing Levels MatterInternal vs External RecruitmentJob AnalysisJob DescriptionPerson SpecificationThe Recruitment Process Step-by-StepSelection Methods: InterviewsSelection Methods: Work TrialsSelection Methods: Testing and Selection ExercisesSelection Methods: Telephone InterviewsMatching Selection Methods to Job RolesWhy Recruitment Decisions Matter to StakeholdersTraining: What It IsInduction TrainingOn-the-Job TrainingOff-the-Job TrainingApprenticeshipsEvaluating Training Costs and Benefits
Appraisal: What It IsAppraisal Methods: Superior’s AssessmentAppraisal Methods: Peer AssessmentAppraisal Methods: Self-AssessmentAppraisal Methods: 360 Degree FeedbackHow Appraisal Benefits Employees and EmployersWorkforce Performance: What It MeansLabour Productivity: Meaning and ImportanceAbsenteeism: Meaning and ImpactLabour Turnover: Meaning and ImpactCalculating Labour ProductivityCalculating Labour TurnoverInterpreting Workforce Performance Measures
Organisational Design: Meaning and PurposeAuthority and ResponsibilityChain of Command and HierarchySpan of Control and DelegationCentralisation vs DecentralisationEmpowerment and DelayeringHierarchical Structures: Tall vs FlatMatrix Structures: Features and UsesPros and Cons of Changing StructuresEmpowerment vs Control: Choosing an ApproachMotivation: Meaning and BenefitsTaylor’s Scientific ManagementMayo and Human RelationsMaslow’s Hierarchy of NeedsHerzberg’s Two-Factor TheoryExpectancy Theories: Vroom, Porter and LawlerFinancial Motivation: Piece Rate, Commission, Bonuses, SalaryProfit Sharing, Share Ownership and PRPNon-Financial Motivation: Consultation and Job DesignJob Enlargement, Rotation and EnrichmentTeam Working and Flexible Working as MotivationChoosing Motivation Methods for Different ContextsManagement: Meaning, Functions and RolesManagement by Objectives (MBO)McGregor’s Theory X and Theory YLeadership: Meaning and PurposeLeadership Styles: Autocratic, Democratic, PaternalisticLeadership Styles: Bureaucratic, Laissez-FaireLeadership Theories: FiedlerLeadership Theories: Wright and TaylorChoosing Leadership Styles for Business Situations
Employer/Employee Relationships: What They AreDuties and Rights at WorkContracts of EmploymentHealth and Safety ResponsibilitiesMinimum Wage and Dismissal BasicsEqual Opportunities: What It MeansImpacts of Equal Opportunities on Employers and EmployeesTrade Unions and Collective BargainingPros and Cons of Trade UnionsCauses of Employer/Employee ConflictTrade Disputes and Industrial ActionResolving Conflict: Negotiation and ConsultationThe Role of ACASImpacts of Conflict and Resolution on Stakeholders
Production Methods: Job ProductionProduction Methods: Batch ProductionProduction Methods: Flow ProductionChoosing the Best Production MethodProductivity: What It MeansMeasuring ProductivityWays to Increase ProductivityImpacts of Productivity ChangesCapacity Utilisation: What It IsCalculating Capacity UtilisationInterpreting Capacity Utilisation ResultsCapacity Utilisation: Impacts on Stakeholders
Technology in Operations: OverviewInformation Technology in OperationsCAD: Computer-Aided DesignCAM: Computer-Aided ManufacturingRobotics and AutomationStakeholder Impacts of New TechnologyLean Production: What It MeansKaizen and Continuous ImprovementJust-in-Time in Lean ProductionCell ProductionTime-Based ManagementEvaluating Lean Production in Real Businesses
Quality: What It MeansWhy Quality MattersQuality Control vs Quality AssuranceTotal Quality Management (TQM): OverviewQuality ChainsEmpowerment and Teamwork in TQMZero Defects and Quality CirclesBenchmarking for Quality ImprovementEvaluating the Value of Quality SystemsPurchasing and Working with SuppliersStock Control: Meaning and PurposeProblems of Too Much vs Too Little StockTraditional Stock Control MethodsJIT Stock ControlComputerised Stock ControlInterpreting Stock Control DiagramsRe-order Level, Lead Time, Buffer Stock and Minimum Stock Level
Innovation, Research and Development: DefinitionsThe Product Design and Development ProcessCosts of Innovation and R&DBenefits of Innovation and R&DEvaluating R&D DecisionsEconomies of Scale: What They AreInternal Economies of Scale: TypesExternal Economies of ScaleHow Economies of Scale Lower Unit CostsDiseconomies of Scale: CausesProblems from Internal Diseconomies of ScaleWhy Small Firms SurviveEvaluating Scale Effects on Stakeholders
Analysing Quantitative Market Research DataAnalysing Qualitative Market Research DataTurning Research into Strategic InsightPrice Elasticity of Demand: CalculationsIncome Elasticity of Demand: CalculationsInterpreting Elasticity ValuesElasticity and Revenue ImpactsPrice Changes and Revenue: EvaluationIncome Changes and Revenue: Evaluation
What Sales Forecasting IsWhy Businesses Forecast SalesReliability of Forecasts: Main InfluencesQuantitative vs Qualitative ForecastingThree-Point Moving Average: CalculationTime Series Analysis: InterpretationScatter Graphs and Lines of Best FitCorrelation: Positive, Negative and NoneExtrapolation for Predicting Future ValuesUsing Forecasts to Plan Capacity and StockQualitative Methods: IntuitionQualitative Methods: BrainstormingQualitative Methods: Delphi MethodPros and Cons of Qualitative ForecastingEvaluating Forecasting for Stakeholders
What a Budget Variance IsCalculating Budget VariancesAnalysing Budget OutcomesUsing Variances to Improve PerformanceBalance Sheet: Purpose and LayoutWorking Capital: Meaning and CalculationCapital Employed: Meaning and CalculationDepreciation: Straight Line MethodInterpreting Balance Sheet InformationROCE: Calculation and InterpretationCurrent Ratio: Calculation and InterpretationAcid Test Ratio: Calculation and InterpretationGearing Ratio: Calculation and InterpretationUsing Income Statements and Balance Sheets TogetherComparing Accounts Over TimeComparing Accounts Between BusinessesEvaluating Financial Position OverallWindow Dressing and Limits of AccountsExternal Factors Affecting Accounts (Demand and Inflation)
Objectives and Strategy: The LinkStrategy: What It Means in BusinessCorporate Strategy vs Divisional StrategyFunctional StrategyStrategy vs TacticsCorporate Plans: Purpose and ContentSWOT Analysis: Building a SWOTSWOT Analysis: Using SWOT to Make DecisionsPorter’s Five Forces: OverviewApplying Five Forces to a MarketEvaluating Strategy and Corporate PlansAnsoff Matrix: Understanding the Four StrategiesApplying Ansoff to a Business ContextEvaluating the Usefulness of AnsoffHorizontal Integration: Meaning and RationaleVertical Integration: Meaning and RationalePros and Cons of Horizontal and Vertical IntegrationOrganic Growth vs External GrowthPros and Cons of Organic GrowthMergers and Takeovers: EvaluationFranchising as a Growth MethodComparing Growth Methods for a ScenarioRationalisation: Meaning and ReasonsLocation/Relocation Decisions in StrategyEvaluating Relocation and Rationalisation ImpactsOutsourcing Production: Meaning and MotivesEvaluating Outsourcing: For and Against
Strategic, Tactical and Operational DecisionsWhy Decision-Making Is Central to BusinessScientific vs Intuitive Decision ToolsDecision Trees: Purpose and UseConstructing Decision TreesInterpreting Decision Tree OutcomesEvaluating Decision Trees: Strengths and WeaknessesCritical Path Analysis (CPA): Purpose and UseCompleting CPA DiagramsInterpreting CPA ResultsEvaluating CPA: Strengths and WeaknessesCost Benefit Analysis (CBA): Purpose and UseCarrying Out CBA Step-by-StepInterpreting CBA OutcomesEvaluating CBA: Strengths and WeaknessesChoosing the Best Tool for a DecisionInformation Technology in Decision-Making
What Investment Appraisal IsWhy Businesses Use Investment AppraisalPayback: Calculating in Years and MonthsPayback: Interpreting and Decision RulesARR: CalculationARR: Interpretation and Decision RulesDiscounted Cash Flow: Core IdeaNPV: Using Discount FactorsNPV: Interpretation and Decision RulesComparing Payback, ARR and NPVQuantitative vs Qualitative Factors in Investment DecisionsMaking Recommendations Using Investment Data
Why Businesses Experience ChangeInternal Causes of ChangeExternal Causes of ChangePlanned Change vs Unplanned ChangeImpacts of Change on Production Methods and EquipmentImpacts of Change on Product DevelopmentLegal Compliance as a Driver of ChangeRetraining and Workforce ChangesFinding New Markets After ChangeWhy Managing Change MattersStorey’s Four Approaches to Managing ChangeWhy People Resist ChangeLewin’s Three-Step Change ProcessOrganisational Culture and ChangeLeadership’s Role in Managing ChangeEvaluating Whether Change Management WorkedChange Impacts on Stakeholders
What Business Risk IsNatural Disaster RisksTechnology and Equipment Failure RisksEmployee Error RisksSupply Chain RisksEconomic RisksLegal RisksPR RisksProduct Failure RisksLikelihood vs Impact in Risk DecisionsRisk Assessment as a Prevention ToolPreventative Actions: Practical ExamplesInsurable vs Uninsurable RiskContingency Planning: What It IsCrisis Management: What It IsContingency Funds and Financial ResilienceAlternative Production ArrangementsAllocating Responsibilities During CrisesManaging Public Relations in a CrisisEvaluating Risk ResponsesImportance of Risk Management for Stakeholders
How Political Factors Affect BusinessGovernment and a Stable Business FrameworkTaxation and Subsidies: Business ImpactsFiscal Policy and Business DecisionsMonetary Policy and Business DecisionsWhy Governments Regulate BusinessGovernment as a Major PurchaserEvaluating Government–Business Relationships
How Economic Factors Affect BusinessEconomic Growth and GDPThe Business Cycle: Boom, Recession and RecoveryInflation: Meaning, Measurement and CausesInterest Rates and Business ActivityExchange Rates and Import/Export CompetitivenessUnemployment and Business ImpactsEvaluating Economic Impacts on Stakeholders
Business Ethics: MeaningEthical Issues: EnvironmentEthical Issues: Animal RightsEthical Issues: Treatment of WorkersEthical Issues: Supplier RelationshipsEthical Issues: Customer TreatmentCorporate Social Responsibility (CSR): MeaningEthics vs Profitability: Managing Trade-OffsProfit Impacts of Ethical ObjectivesEvaluating a Business’s Ethics from Stakeholder Views
The Purpose of Business Law and RegulationCompany Law: Key Areas for BusinessesEmployment and Anti-Discrimination Law: Core IssuesConsumer Protection: Why It MattersCompetition Policy: Preventing Unfair PracticeHealth and Safety: Business ResponsibilitiesData Protection: Business ResponsibilitiesIntellectual Property: Protecting Ideas and BrandsMinimum Wage: Impacts on Business DecisionsEvaluating How Legislation Affects Stakeholders
Environmental Costs: Air, Water and Noise PollutionEnvironmental Costs: Climate ChangeEnvironmental Costs: CongestionEnvironmental Costs: Habitat DestructionEnvironmental Costs: Waste DisposalGovernment Intervention to Control Environmental CostsPressure Groups and Business BehaviourEducation and Changing Consumer ExpectationsHow Businesses Respond to Environmental IssuesEvaluating Business Impacts on the EnvironmentEnvironmentally Friendly Policies: Costs and Benefits
What International Trade IsWhy Countries and Firms TradeFree Trade: Meaning and EffectsProtectionism: Meaning and ReasonsTariffs and QuotasTrading Blocs and Single MarketsFree Trade vs Protectionism: Stakeholder EvaluationChallenges of Entering International MarketsEvaluating Whether to Expand Internationally
Globalisation: What It MeansGlobal Markets and Developing MarketsDrivers of Globalisation: Technology and CommunicationDrivers of Globalisation: Liberalised TradeDrivers of Globalisation: The InternetDrivers of Globalisation: Transport CostsDrivers of Globalisation: Converging TastesGlobalisation’s Impacts: Competition and GrowthStrategies for Global Growth: Global BrandingStrategies for Global Growth: External GrowthChoosing Target Markets InternationallyEvaluating Global Growth StrategiesBenefits for UK Businesses in Global MarketsDifficulties for UK Businesses in Global MarketsGlocalisation: Adapting to Local NeedsEvaluating Globalisation for UK StakeholdersMultinational Companies: What They AreWhy Multinationals ExistEvaluating Becoming a MultinationalImpacts of Multinationals on Host Countries
The EU: Nature and PurposeThe Single European Market: What It MeansFree Movement of Goods, Labour and CapitalEU Legislation, Regulations and StandardsEvaluating EU Impacts on Businesses and StakeholdersThe Euro: What It IsThe Eurozone: What It IsCosts and Benefits of the Euro for BusinessesImpacts for UK Businesses of EU and Eurozone MembershipImpacts of Non-Membership
