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What a business is and why businesses existGoods vs servicesNeeds vs wantsWhy people start a business: spotting opportunitiesBusiness activities: producing, supplying, distributing, and social benefitFactors of production: land, labour, capital, enterpriseOpportunity cost in business decisionsThe primary sector: what it is and examplesThe secondary sector: what it is and examplesThe tertiary sector: what it is and examplesEnterprise: what it means in businessThe entrepreneur: key characteristicsWhy entrepreneurs take risks (their objectives)The dynamic nature of business: why markets changeHow technology changes what businesses doHow the economy changes business decisionsHow laws and regulations shape business behaviourHow environmental expectations affect businessesSole traders: features, pros and consPartnerships: features, pros and consPrivate limited companies (ltd): features, pros and consPublic limited companies (plc): features, pros and consNot-for-profit organisations: purpose and fundingLimited liability: what it means and why it mattersChoosing the best legal structure for a scenarioBusiness aims vs business objectivesWhy businesses set objectivesCommon objectives: survival and profitCommon objectives: growth and market shareCommon objectives: customer satisfactionCommon objectives: social, ethical and environmental goalsWhy objectives differ between businessesWhy objectives change as a business growsMeasuring success beyond profitStakeholders: what the term meansOwners as stakeholders: what they wantEmployees as stakeholders: what they wantCustomers as stakeholders: what they wantSuppliers as stakeholders: what they wantThe local community as a stakeholderStakeholder conflict: why interests clashHow stakeholders influence business decisionsLocation decisions: why location mattersLocating near the market: benefits and drawbacksLocating near raw materials: benefits and drawbacksLabour availability and skills in location decisionsCompetition and costs in location decisionsBusiness planning: why businesses planBusiness plans and raising finance: why lenders/investors careThe main sections of a business plan (what goes in each)Benefits of business planningDrawbacks of business planningFixed costs: what they areVariable costs: what they areTotal costs: how fixed and variable costs linkRevenue: what it meansProfit vs loss: what they meanExpansion: what it means and why businesses growMethods of expansion (internal growth)Methods of expansion (external growth)Benefits of expansionDrawbacks of expansionEconomies of scale: what they areDiseconomies of scale: what they are
External influences: why businesses must respond to changeICT and business: what “digital change” looks likeE-commerce: what it is and how it changes marketsDigital communication and stakeholders (customers, staff, suppliers)Benefits of digital technology for businessesDrawbacks/risks of digital technology for businessesBusiness ethics: what “ethical behaviour” meansEthics vs profit: why trade-offs happenBenefits of acting ethically (brand, loyalty, trust)Drawbacks of acting ethically (costs, higher prices, lower profit)Environmental impact: congestion, waste, recycling, pollutionCosts and benefits of being environmentally responsibleSustainability: scarce resources and global warmingSustainability vs profit: common trade-offsInterest rates: how they affect borrowing and spendingInterest rates: effects on demand and salesEmployment levels: how they affect businessesConsumer spending and incomes: why demand changesGlobalisation: what it means for UK businessesCompeting internationally: design, quality, lower pricesBenefits of globalisation for UK businessesDrawbacks of globalisation for UK businessesExchange rates: impact on import costsExchange rates: impact on export competitiveness and salesLegislation: why laws create business costs and constraintsEmployment law: minimum wage/living wage impactsEmployment law: Equality Act (2010) impactsHealth and safety law: why compliance mattersHealth and Safety at Work Act (1974): business impactConsumer law: protecting customers (eg trade descriptions)Consequences of breaking laws (fines, reputation, lost sales)Markets and competition: what competition meansHow competition changes prices, quality and innovationWhen competition is low (local monopoly/unique product scenarios)Risk and uncertainty: why all businesses face themHow businesses reduce risk (research, insurance, planning, flexibility)
What “operations” means in a business (goods and services)Interdependence: how operations links to marketing, HR and financeJob production: what it is and when it suitsFlow production: what it is and when it suitsChoosing job vs flow production for a scenarioEfficiency: what it means in productionLean production: reducing waste and improving efficiencyJust-in-time (JIT) production: how it supports efficiencyProcurement: what it means and why it mattersLogistics: what it means and why it mattersStock: why businesses hold stockJIT stock control: benefits and risksJIC stock control: benefits and risksBuffer stock: why businesses use itSupplier choice: price, quality and reliabilityBalancing cost vs quality in supplier decisionsSupply chain: what it isSupply chain management: how it lowers costs and improves speedSupply chain management: cutting waste and streamlining processesQuality: what customers expect in goods vs servicesSpotting quality problems and measuring qualityConsequences of poor quality (returns, complaints, reputation)Total Quality Management (TQM): what it isBenefits of TQM for a businessCosts of maintaining quality (inspection, training, recalls)Quality problems when a business grows (outsourcing/franchising)Good customer service: why it matters commerciallyCustomer service methods: product knowledgeCustomer service methods: customer engagement and experienceCustomer service methods: after-sales supportBenefits of good service (loyalty, repeat spend, profitability)Dangers of poor service (reputation, revenue fall)The sales process: what it is and why it mattersICT and customer service: websites, e-commerce and social media support
What the HR function does and why it mattersInterdependence: how HR links to operations, marketing and financeOrganisational structure: what it showsChain of command: who reports to whomSpan of control: what it means and why it mattersDelegation: what it is and why managers use itDelayering: what it is and why businesses do itTall vs flat structures: key differencesHow structure affects decision-making speed and controlHow structure affects communication in a businessWhy businesses recruit (growth, replacing staff, new skills)Internal recruitment: benefits and drawbacksExternal recruitment: benefits and drawbacksJob analysis: what it is used forJob description: what it includesPerson specification: what it includesSelection methods: choosing the right one for a roleWhy effective recruitment improves productivity and qualityWhy effective recruitment improves retentionContracts: full-time vs part-timeContracts: job shareContracts: zero-hoursBenefits of full-time employment for employers and employeesBenefits of part-time employment for employers and employeesMotivation: what it means at workBenefits of a motivated workforce (productivity, retention)Pay methods: salary vs wagePay methods: commissionPay methods: profit sharingFinancial motivation: when it works bestNon-financial motivation: management styleNon-financial motivation: responsibility and empowermentNon-financial motivation: fringe benefitsTraining: why businesses train staffTraining benefits: productivity, quality, customer serviceTraining benefits: coping with new technology and changeTraining benefits: motivation and retentionInduction training: what it is and why it mattersOn-the-job training: what it is, pros and consOff-the-job training: what it is, pros and cons
What marketing is and what the marketing function doesInterdependence: how marketing links to operations, HR and financeCustomer needs: what they are and why they matterSatisfying customer needs to increase salesUsing customer needs to choose the right marketing mixAvoiding costly mistakes through better customer understandingSegmentation: what it is and why businesses do itSegmenting by ageSegmenting by genderSegmenting by locationSegmenting by incomeTarget markets: choosing who to focus onMarket research: what it is used for (demand, competition, target market)Primary research: what it is and examplesSecondary research: what it is and examplesQuestionnaires and surveys: strengths and weaknessesInterviews and focus groups: strengths and weaknessesInternet and printed press research: strengths and weaknessesQualitative vs quantitative research: the differenceChoosing the best research method for a scenarioUsing research findings to make marketing decisionsReading tables and charts for marketing dataMarket size: what it means and how to interpret itMarket share: what it means and how to interpret itThe marketing mix: why the 4Ps work togetherPricing methods: price skimmingPricing methods: penetration pricingPricing methods: competitive pricingPricing methods: loss leader pricingPricing methods: cost-plus pricingFactors affecting price: costs and competitionFactors affecting price: market conditionsFactors affecting price: product life cycle stagePrice and demand: the basic relationshipNew product development: benefits and risksProduct design: matching the target marketProduct differentiation: what it meansUnique selling point (USP): what it is and why it mattersBrand image: what it is and how it adds valueProduct life cycle stages: R&D to declineExtension strategies: what they are and when to use themEvaluating extension strategies for a productProduct portfolio: why businesses want balanceBoston Matrix: stars, cash cows, question marks, dogsPromotion methods: advertising channelsPromotion methods: public relations (PR)Promotion methods: sales promotionsPromotion methods: sponsorshipPromotion methods: social media promotionChoosing a promotional mix (budget, market, product, competitors, target)Reasons businesses promote (inform, persuade, remind, build image)Place: what distribution channels areRetailers, wholesalers and telesales: how they workChoosing the best distribution method for a scenarioE-commerce and m-commerce: why they are growingBenefits and drawbacks of selling onlineHow marketing decisions change as a business growsRecommending a joined-up marketing mix for a case study
What the finance function does and why it mattersInterdependence: how finance links to operations, HR and marketingFinance needs of start-ups vs established businessesInternal finance: retained profitInternal finance: selling unwanted assetsExternal finance: family and friendsExternal finance: loans and mortgagesExternal finance: overdraftsExternal finance: trade creditExternal finance: hire purchaseExternal finance: government grantsExternal finance: issuing new shares (share issue)Choosing the right source of finance for a scenarioComparing finance sources: cost, risk, control and speedCash flow: what it is and why it mattersConsequences of cash flow problemsBenefits of positive cash flowCash vs profit: why they are differentWhy businesses use cash flow forecastsCash inflows and cash outflows: spotting them in a businessNet cash flow: what it tells youOpening and closing balances: how they link over timeCompleting sections of a cash flow forecastInterpreting a cash flow forecast to identify risk monthsFixing cash flow problems: rescheduling paymentsFixing cash flow problems: reducing outflows and increasing inflowsFixing cash flow problems: overdrafts and new financeRevenue, costs and profit: core meaningsFixed, variable and total costs (finance recap for calculations)Average rate of return (ARR): what it measuresCalculating ARR for an investment decisionBreak-even output: what it meansInterpreting break-even charts (no drawing required)Margin of safety: what it means and how to read itWhy businesses use break-even analysis (and its limits)Financial statements: why they matter for decisionsIncome statement: what it showsStatement of financial position: what it shows (a snapshot)Assets vs liabilities: the differenceJudging performance using income statement dataComparing performance over time and against competitorsViewing performance from different stakeholder perspectivesGross profit margin: what it showsNet profit margin: what it showsCalculating profit margins (no formula sheet in exam)
Using percentages in business contextsCalculating percentage change (price, costs, sales, market share)Calculating averages for business dataCalculating revenue from price and quantityCalculating profit and loss from revenue and costsCalculating gross profit margin from financial dataCalculating net profit margin from financial dataCalculating ARR from investment dataUsing cash flow forecasts to compute totals and net cash flowInterpreting graphs and charts in business case studiesInterpreting market research data to support decisionsInterpreting market share and changes over timeChoosing relevant vs misleading data
AO1: using accurate business terminologyAO2: applying knowledge to a specific business contextAO3: analysing data and building a judgementWriting justified conclusions (because-and-so-what chains)Using numbers in answers (data response technique)Balancing points for evaluation (benefits vs drawbacks)Building longer responses with a clear line of argument
