Your journey to excellence in
By Revision Genie
Creating a Business
Unit 1
What is Entrepreneurship?
Key Characteristics of Entrepreneurs
The Role of Risk in Business
Why Governments Encourage Enterprise
The Four Business Resources
How Businesses Use Resources
Reasons for Starting a Business
Micro, Small, and Medium Enterprises
The Sole Trader Ownership Model
The Partnership Ownership Model
Franchise Ownership Explained
Private Limited Companies (Ltd)
Public Limited Companies (Plc)
Comparing Private Sector Ownership Types
What is the Public Sector?
Public vs Private Sector Organisations
What is Social Enterprise?
Economic, Social, and Environmental Outputs of Social Enterprise
Factors Influencing Business Location
Proximity to Raw Materials and Markets
Governmental Influence on Location
Transport, Communication, and Land Costs
What are Business Aims and Objectives?
Survival, Profit, and Growth Goals
Corporate Image and Social Responsibility
Environmental and Ethical Business Objectives
Stakeholders: Who They Are
Stakeholder Conflicts and Balancing Interests
Unit 2
Business Aims and Objectives
Definition of Business Aims
Definition of Business Objectives
Difference Between Aims and Objectives
Survival as a Business Aim
Profit as a Business Aim
Growth as a Business Aim
Corporate Image as a Business Aim
Concern for the Environment as a Business Aim
Social Responsibility as a Business Aim
Turnover as a Business Objective
SMART Objectives in Business
Impact of Aims on Business Activities
Conflicts Between Business Aims
Why Aims and Objectives Are Important
Ethical Issues in Business Aims
Environmental Issues in Business Aims
Employee Working Conditions and Business Aims
Equality and Business Aims
Social Responsibility and Business Aims
Stakeholders in Business
Owners as Stakeholders
Directors as Stakeholders
Shareholders as Stakeholders
Managers as Stakeholders
Producers as Stakeholders
Consumers as Stakeholders
Lenders as Stakeholders
Employees as Stakeholders
Pressure Groups as Stakeholders
Community as Stakeholders
Conflicting Aims of Stakeholders
How Stakeholders Influence Business Aims
Examples of Stakeholder Conflicts
Adapting Business Aims to Changing Markets
Examples of Survival Strategies
Examples of Profit Maximisation Strategies
Examples of Growth Strategies
Examples of Corporate Image Strategies
Examples of Environmental Strategies
Examples of Social Responsibility Strategies
Measuring Success Against Business Objectives
How Objectives Guide Business Decisions
Setting Objectives for Different Business Sizes
Adapting Objectives for Economic Conditions
Role of Mission Statements in Aims
Case Studies of Business Aims and Objectives
Exam Traps in Business Aims Questions
Unit 3
Marketing and Market Research
Definition of Marketing
Purpose of Marketing
Primary Market Research Methods
Secondary Market Research Methods
Random Sampling Explained
Quota Sampling Explained
Choosing Market Research Methods
Market Segmentation Basics
Types of Market Segmentation
Evaluating Market Research Results
Qualitative vs Quantitative Data
The Marketing Mix Concept
Skimming Pricing Strategy
Penetration Pricing Strategy
Competitor-Based Pricing Strategy
Factors Affecting Pricing Decisions
Demand Curves and Pricing
Understanding the Product Life Cycle
Strategies to Extend Product Life Cycle
Consumer Rights Act 2015 Overview
Consumer Protection Act 1987 Overview
Advertising as a Promotion Method
Sales Promotion Techniques
Sponsorship in Promotion
Public Relations (PR) in Promotion
Using Social Media for Promotion
Legal Constraints on Promotion
Trade Descriptions Act 1968
Role of the Advertising Standards Authority
Role of Ofcom in Promotion
Traditional Distribution Channels
Modern Distribution Channels
Direct Distribution Channels
Impact of Competition on Marketing
Strategies to Manage Competition
Customer Service in Business
Advantages of International Trade
Disadvantages of International Trade
Adapting the Marketing Mix for International Trade
E-Business Overview
Advantages of E-Business
Disadvantages of E-Business
M-Business Overview
Uses of Mobile Technology in Business
Advantages of M-Business
Disadvantages of M-Business
Unit 4
Competition and Customer Service
Understanding Competition in Business
Impact of Competition on the Marketing Mix
Pricing Strategies to Manage Competition
Product Differentiation as a Strategy
Role of Promotion in Competitive Markets
Effective Customer Service Strategies
Benefits of Good Customer Service
Consequences of Poor Customer Service
Customer Service and Brand Reputation
Adapting Customer Service to Cultural Differences
International Trade Advantages for Businesses
Challenges of International Trade
Adapting Products for International Markets
Pricing Adjustments in Global Trade
Promotion Strategies for Global Markets
Impact of Exchange Rates on Pricing
Transport and Logistics in International Trade
E-Business: Definition and Scope
Advantages of E-Business for Businesses
Disadvantages of E-Business for Businesses
E-Business Benefits for Customers
Role of E-Business in International Trade
M-Business: Definition and Uses
Mobile Ticketing in M-Business
Marketing Through Mobile Technology
Online Purchasing via Mobile Platforms
Advantages of M-Business for Businesses
Disadvantages of M-Business for Businesses
Business Apps and Their Applications
Cultural and Language Considerations in Global Business
Role of the European Union in Business
Implications of Global Markets for Local Economies
Unit 5
Business Operations
Primary Production
Secondary Production
Tertiary Production
Trends in Production Types
Reasons for Changing Production Trends
Job Manufacturing Method
Batch Manufacturing Method
Process Manufacturing Method
Flow Manufacturing Method
Advantages of Specialisation
Disadvantages of Specialisation
Division of Labour in Manufacturing
Minimum Inventory Level
Batch Control in Inventory
First In, First Out Inventory Method
Just in Time Inventory Control
Impact of Technology on Manufacturing
Definition of Quality Assurance
Importance of Quality Assurance
Customer Service Excellence Standard
ISO 9001 Quality Standard
European Foundation for Quality Management
Investors in People Standard
Reasons for Obtaining Quality Standards
Health and Safety Legislation in Manufacturing
Employer Responsibilities for Health and Safety
Employee Responsibilities for Health and Safety
Role of the Health and Safety Executive
Unit 6
Human Resources
Purpose of Job Descriptions
Content of Job Descriptions
Purpose of Person Specifications
Content of Person Specifications
Contracts of Employment
Internal Recruitment Advantages
Internal Recruitment Disadvantages
External Recruitment Advantages
External Recruitment Disadvantages
Role of Social Media in Recruitment
Legal Controls on Recruitment
Ethical Issues in Recruitment
Equality Commission for Northern Ireland
Application Forms in Selection
Application Letters in Selection
Curriculum Vitae (CV) in Selection
Testing in Selection Processes
Interviews in Selection Processes
Presentations in Selection Processes
Employer Responsibilities in Selection
Employee Responsibilities in Selection
Purpose of Staff Appraisal
Advantages of Appraisal for Employers
Advantages of Appraisal for Employees
Observation Method in Appraisal
Self-Evaluation in Appraisal
Interview Method in Appraisal
Reasons for Staff Training
Advantages of Training for Businesses
Advantages of Training for Employees
Disadvantages of Training for Businesses
Disadvantages of Training for Employees
On-the-Job Training Explained
Off-the-Job Training Explained
Importance of Motivation for Employees
Financial Motivation: Bonuses
Financial Motivation: Commission
Financial Motivation: Fringe Benefits
Financial Motivation: Profit Sharing
Non-Financial Motivation: Job Rotation
Non-Financial Motivation: Team Working
Non-Financial Motivation: Quality Circles
Non-Financial Motivation: Flexible Working
Factors Affecting Job Satisfaction
Legal and Ethical Considerations in Employment
Unit 7
Business Growth
Internal Growth Strategies
Reinvestment as Growth Strategy
Expanding Product Range
Increasing Sales Activity
External Growth Strategies
Takeovers Explained
Mergers Explained
Franchising as Growth Strategy
Advantages of Business Growth
Increased Profit from Growth
Economies of Scale Benefits
Greater Market Influence
Disadvantages of Business Growth
Poor Communication in Large Firms
Motivation Challenges in Expansion
Coordination Difficulties in Growth
Factors Limiting Business Growth
Lack of Finance as a Limitation
Increased Competition Impact
Low Market Demand
Economic Climate Challenges
Economies of Scale Overview
Technical Economies of Scale
Financial Economies of Scale
Marketing Economies of Scale
Purchasing Economies of Scale
Ethical Implications of Growth
Balancing Profit and Ethics
Environmental Responsibility in Growth
Transparency in Business Expansion
Stakeholder Fairness in Growth
Role of Competition and Markets Authority
Signs of Business Success
Increasing Profit Indicators
Customer Reviews as Success Metric
Social Media Presence and Growth
Signs of Business Failure
Loss of Profit Indicators
Poor Cash Flow Warning Signs
High Employee Turnover Risks
Unit 8
Finance and Financial Statements
Internal Sources of Finance
Advantages of Internal Finance
Disadvantages of Internal Finance
External Sources of Finance
Advantages of External Finance
Disadvantages of External Finance
Choosing the Right Source of Finance
Purpose of Cash Flow Forecasts
Components of a Cash Flow Forecast
Completing a Cash Flow Forecast
Interpreting a Cash Flow Forecast
Importance of Cash Flow for Businesses
Consequences of Incorrect Forecasting
Purpose of Financial Statements
Income Statements: Key Components
Preparing an Income Statement
Statement of Financial Position: Key Components
Preparing a Statement of Financial Position
Interpreting Financial Statements
Gross Profit Percentage Ratio
Net Profit Percentage Ratio
Inventory Turnover Ratio
Return on Capital Employed Ratio
Working Capital Ratio
Using Ratios to Assess Performance
Break-even Analysis: Key Concepts
Fixed vs Variable Costs
Calculating Break-even by Formula
Drawing a Break-even Chart
Labeling a Break-even Chart
Interpreting a Break-even Chart
Understanding the Break-even Point
Margin of Safety: Calculation and Importance
Significance of Break-even Analysis for Businesses
Unit 9
Planning a Business
Purpose of a Business Plan
Key Reasons for Developing a Business Plan
Introduction Section of a Business Plan
Business Name and Address
Description of the Business Idea
Benefits of the Product or Service
Business Objectives Section in a Plan
Mission Statement and Objectives
Legal Status of the Business
Summary of Business Value and Funding
Owner’s Personal Details in a Plan
Resource Plan Overview
People and Skills Required in a Business
Business Premises, Size, and Location
Raw Materials and Working Capital Needed
Marketing Plan Overview
Market Research in a Business Plan
Identifying the Target Market
Competitor Analysis in a Plan
Estimating Market Demand
Proposed Marketing Mix in a Plan
Production Plan Overview
Production Process Description
Health and Safety Considerations in Production
Financial Plan Overview
Break-Even Analysis in a Business Plan
Cash Flow Forecast in a Plan
Capital Investment and Loans
Projected Income Statement
Projected Statement of Financial Position
Evaluating the Components of a Business Plan
Research Methods for Planning
Developing an Action Plan
Designing Questionnaires for Research
Conducting Interviews for Primary Research
Carrying Out Secondary Research
Presenting Primary Research Results
Presenting Secondary Research Results
Referencing Research Sources
Using Research to Support Business Decisions
Evaluating Primary Research Evidence
Evaluating Secondary Research Evidence
Drawing Logical Conclusions from Research
Common Pitfalls in Business Planning
Importance of Monitoring Performance Against a Plan
Adjusting Plans Based on Performance Data
Securing Financing with a Business Plan
Ensuring Proper Planning and Resource Allocation
Using a Plan to Check Spending
Ensuring Business Aims Are Met
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