Your journey to excellence in
By Revision Genie
Enterprise and Entrepreneurship
Unit 1
Why Business Ideas Emerge
Changes in Technology and Business
Consumer Wants and Business Adaptation
Obsolete Products and Services
Original Business Ideas
Adapting Existing Products or Services
Understanding Business Risks
Business Failure Risks
Financial Loss Risks
Lack of Security Risks
Understanding Business Rewards
Business Success Rewards
Profit as a Reward
Independence as a Reward
Purpose of Business Activity
Producing Goods and Services
Meeting Customer Needs
Adding Value to Products
Convenience in Adding Value
Branding as Value Addition
Quality as Value Addition
Design and Unique Selling Points
Role of Entrepreneurship
Organising Business Resources
Making Business Decisions
Taking Risks as an Entrepreneur
Unit 2
Spotting a Business Opportunity
Understanding Customer Needs
The Importance of Customer Needs
Price as a Customer Need
Quality as a Customer Need
Choice as a Customer Need
Convenience as a Customer Need
Purpose of Market Research
Identifying Customer Needs via Market Research
Identifying Gaps in the Market
Reducing Risk through Market Research
Informing Business Decisions with Market Research
Primary Research Methods
Using Surveys in Market Research
Using Questionnaires in Market Research
Focus Groups in Market Research
Observation as Market Research
Secondary Research Methods
Using the Internet for Market Research
Market Reports for Research
Government Reports in Market Research
Qualitative Data in Market Research
Quantitative Data in Market Research
Role of Social Media in Market Research
Reliability of Market Research Data
What is Market Segmentation?
Identifying Market Segments by Location
Demographics in Market Segmentation
Lifestyle as a Market Segment
Income as a Market Segment
Age in Market Segmentation
Using Market Mapping to Identify Gaps
Market Mapping to Understand Competition
Understanding the Competitive Environment
Competitor Strengths: Price
Competitor Strengths: Quality
Competitor Strengths: Location
Competitor Strengths: Product Range
Competitor Strengths: Customer Service
Impact of Competition on Business Decisions
Unit 3
Putting a Business Idea Into Practice
Defining Business Aims and Objectives
Financial Aims and Objectives Explained
Non-Financial Aims and Objectives Explained
Why Business Aims Differ
Understanding Business Revenue
Calculating Fixed and Variable Costs
Total Costs Formula and Application
Profit and Loss Calculations
Understanding Interest on Loans
Break-Even Concept and Formula
Margin of Safety Defined and Calculated
Interpreting Break-Even Diagrams
Impact of Revenue and Cost Changes on Break-Even
Importance of Cash in Business
Difference Between Cash and Profit
Cash-Flow Forecast Components
Calculating Net Cash Flow
Opening and Closing Balances in Cash Flow
Short-Term Sources of Finance
Long-Term Sources of Finance
Personal Savings as Business Finance
Venture Capital and Its Role
Understanding Share Capital
Loans for Small Businesses
Retained Profit as a Finance Source
Crowdfunding Explained
Unit 4
Making the Business Effective
Limited Liability Concept
Unlimited Liability Concept
Implications of Limited Liability
Implications of Unlimited Liability
Sole Trader Ownership
Advantages of Sole Trader Ownership
Disadvantages of Sole Trader Ownership
Partnership Ownership
Advantages of Partnership Ownership
Disadvantages of Partnership Ownership
Private Limited Company Ownership
Advantages of Private Limited Company Ownership
Disadvantages of Private Limited Company Ownership
Franchising Concept
Advantages of Franchising
Disadvantages of Franchising
Proximity to Market in Location Decisions
Proximity to Labour in Location Decisions
Proximity to Materials in Location Decisions
Proximity to Competitors in Location Decisions
Nature of Business Activity and Location
Impact of E-Commerce on Location Decisions
Impact of Fixed Premises on Location Decisions
Marketing Mix: Price Element
Marketing Mix: Product Element
Marketing Mix: Promotion Element
Marketing Mix: Place Element
Balancing the Marketing Mix
Impact of Consumer Needs on Marketing Mix
Impact of Technology on Marketing Mix
E-Commerce in Marketing Mix
Digital Communication in Marketing Mix
Business Plan Components
Business Idea in Planning
Business Aims and Objectives in Planning
Target Market in Planning
Forecast Revenue, Costs, and Profit in Planning
Cash-Flow Forecast in Planning
Sources of Finance in Planning
Location Decisions in Planning
Marketing Mix in Planning
Minimising Risk Through Planning
Obtaining Finance Through Planning
Unit 5
Understanding External Influences on Business
Who Are Business Stakeholders?
Stakeholders' Objectives
How Stakeholders Are Affected by Business Activity
Stakeholders' Impact on Business Activity
Conflicts Between Stakeholder Groups
Types of Technology Used by Businesses
E-Commerce in Business
Social Media's Role in Business
Digital Communication in Business
Payment Systems in Business
Technology and Sales Impact
Technology's Influence on Costs
Technology and the Marketing Mix
Principles of Consumer Law
Principles of Employment Law
Impact of Legislation on Business Costs
Consequences of Meeting Legal Obligations
Consequences of Failing Legal Obligations
Unemployment's Effect on Businesses
Changing Levels of Consumer Income
Inflation's Impact on Business
Changes in Interest Rates
Government Taxation and Business
Exchange Rate Changes and Business
Responding to Technological Changes
Responding to Legislative Changes
Responding to Economic Climate Changes
External Influences on Business Decisions
Unit 6
Growing the Business
Internal Growth: New Products
Internal Growth: New Markets
External Growth: Mergers
External Growth: Takeovers
Public Limited Companies
Retained Profit as Finance
Selling Assets for Finance
Loan Capital for Growth
Share Capital for Growth
Stock Market Flotation
Changing Aims: Survival vs Growth
Changing Aims: Entering New Markets
Changing Aims: Exiting Markets
Changing Aims: Workforce Growth or Reduction
Changing Aims: Expanding Product Range
Impact of Market Conditions on Aims
Impact of Technology on Aims
Impact of Performance on Aims
Impact of Legislation on Aims
Globalisation: Import Competition
Globalisation: Buying from Overseas
Globalisation: Exporting to International Markets
Globalisation: Changing Business Locations
Globalisation: Multinational Businesses
Trade Barriers: Tariffs
Trade Barriers: Trade Blocs
Competing Internationally: E-Commerce
Competing Internationally: Marketing Mix Changes
Ethical Considerations in Business
Trade-offs Between Ethics and Profit
Environmental Considerations in Business
Trade-offs Between Sustainability and Profit
Pressure Groups and Marketing Mix
Unit 7
Making Marketing Decisions
The Design Mix: Function
The Design Mix: Aesthetics
The Design Mix: Cost
Phases of the Product Life Cycle
Product Life Cycle Extension Strategies
Differentiating a Product or Service
Pricing Strategies Overview
Technology's Influence on Pricing
Competition's Influence on Pricing
Market Segments and Pricing
Product Life Cycle and Pricing
Promotional Strategies for Market Segments
Advertising as a Promotional Method
Sponsorship in Promotions
Product Trials as Promotions
Special Offers in Promotions
Branding as a Promotional Strategy
Technology in Promotion: Targeted Ads
Technology in Promotion: Viral Ads
Technology in Promotion: E-Newsletters
Retailers as Distribution Channels
E-Tailers and E-Commerce Distribution
Interdependence of Marketing Mix Elements
Building Competitive Advantage with Marketing Mix
Integrated Marketing Mix for Advantage
Unit 8
Making Operational Decisions
Purpose of Business Operations
Types of Production Processes
Job Production Explained
Batch Production Explained
Flow Production Explained
Impact of Technology on Production
Balancing Cost and Productivity
Introduction to Stock Management
Bar Gate Stock Graphs
Just-in-Time (JIT) Stock Control
Role of Procurement in Business
Supplier Relationships and Quality
Delivery Speed and Reliability
Impact of Logistics on Costs
Logistics and Reputation Management
Customer Satisfaction in Logistics
Concept of Quality in Business
Quality Control Techniques
Quality Assurance Techniques
Cost Control Through Quality Management
Competitive Advantage via Quality
Understanding the Sales Process
Importance of Product Knowledge
Speed and Efficiency in Service
Customer Engagement Techniques
Responding to Customer Feedback
Post-Sales Service Importance
Providing Excellent Customer Service
Unit 9
Making Financial Decisions
Gross Profit Calculation
Net Profit Calculation
Gross Profit Margin Formula
Net Profit Margin Formula
Average Rate of Return Formula
Interpreting Gross Profit Margin
Interpreting Net Profit Margin
Interpreting Average Rate of Return
Using Graphs to Support Decisions
Using Financial Data for Decisions
Using Marketing Data for Decisions
Using Market Data for Decisions
Limitations of Financial Information
Limitations of Market Data
Understanding Financial Performance
Understanding Marketing Performance
Revenue Calculation
Costs Calculation
Profit Calculation
Break-Even Analysis Formula
Margin of Safety Formula
Interpreting Break-Even Charts
Impact of Revenue Changes on Break-Even
Impact of Cost Changes on Break-Even
Cash Inflows and Outflows
Net Cash Flow Calculation
Opening and Closing Balances
Cash Flow Forecasting
Using Cash Flow Data in Decisions
Choosing Appropriate Finance Sources
Impact of Financial Decisions on Business
Unit 10
Making Human Resource Decisions
Hierarchical Organisational Structures
Flat Organisational Structures
Centralised Organisational Structures
Decentralised Organisational Structures
Effective Communication in Businesses
Impact of Insufficient Communication
Impact of Excessive Communication
Barriers to Effective Communication
Part-Time and Full-Time Working
Flexible Working Arrangements
Permanent vs Temporary Contracts
Freelance Contracts in Business
Impact of Technology on Ways of Working
Efficiency Gains from Remote Working
Key Job Roles and Responsibilities
Directors: Roles and Responsibilities
Senior Managers: Roles and Responsibilities
Supervisors and Team Leaders
Operational and Support Staff Roles
Person Specification in Recruitment
Job Descriptions in Recruitment
Application Forms in Recruitment
CVs in Recruitment Processes
Internal Recruitment Methods
External Recruitment Methods
Formal Training Methods
Informal Training Methods
Self-Learning in Employee Development
Ongoing Training for Employees
Performance Reviews and Target Setting
Link Between Training and Motivation
Employee Retention Through Training
Retraining for New Technology
Financial Methods of Motivation
Remuneration as a Motivator
Bonuses and Commission
Promotion as a Motivational Tool
Fringe Benefits for Employee Motivation
Non-Financial Methods of Motivation
Job Rotation for Motivation
Job Enrichment Strategies
Autonomy in the Workplace
Employee Productivity and Motivation
Unit 11
Archive
Why new business ideas happen: changes in technology
What customer needs are: price
What business aims are
Limited liability: what it means
Who stakeholders are in business
Internal (organic) growth: what it is
The design mix: function
The purpose of business operations for goods
Gross profit: what it is and how to calculate it
Organisational structures: what they are for
Percentages in business: calculating percentage change
Why new business ideas happen: changes in what consumers want
What customer needs are: quality
What business objectives are
Unlimited liability: what it means
Stakeholders: owners or shareholders
Internal growth through new products: innovation
The design mix: aesthetics
The purpose of business operations for services
Net profit: what it is and how to calculate it
Hierarchical structures: features and when appropriate
Averages in business: calculating and interpreting averages
Why new business ideas happen: products and services becoming obsolete
What customer needs are: choice
Financial aims and objectives for start-ups: survival
Limited vs unlimited liability: implications for owners
Stakeholders: employees
Internal growth through new products: research and development
The design mix: cost
Job production: what it is and when it suits a business
Gross profit margin: what it shows
Flat structures: features and when appropriate
Revenue calculations in context: price × quantity
How new business ideas happen: original ideas
What customer needs are: convenience
Financial aims and objectives for start-ups: profit
Business ownership: sole trader (features)
Stakeholders: customers
Internal growth through new markets: adjusting the marketing mix
Product life cycle: what it is and why it matters
Batch production: what it is and when it suits a business
Gross profit margin: how to calculate and interpret it
Centralised decision making: features and impacts
Costs and profit calculations in context
How new business ideas happen: adapting existing products, services or ideas
Why understanding customers matters: generating sales
Financial aims and objectives for start-ups: sales
Sole trader: advantages and disadvantages
Stakeholders: managers
Internal growth through new markets: using technology
Product life cycle stage: introduction
Flow production: what it is and when it suits a business
Net profit margin: what it shows
Decentralised decision making: features and impacts
Break-even calculations in context
What business risk means for owners
Why understanding customers matters: business survival
Financial aims and objectives for start-ups: market share
Business ownership: partnership (features)
Stakeholders: suppliers
Internal growth through new markets: expanding overseas
Product life cycle stage: growth
Choosing production methods to improve productivity
Net profit margin: how to calculate and interpret it
Why communication is essential in business
Margin of safety calculations in context
Types of risk: business failure
The purpose of market research: identify and understand customer needs
Financial aims and objectives for start-ups: financial security
Partnership: advantages and disadvantages
Stakeholders: local community
External (inorganic) growth: what it is
Product life cycle stage: maturity
Choosing production methods to reduce costs
Average rate of return (ARR): what it measures
Too little communication: impacts on efficiency and motivation
Cash-flow calculations in context: net cash flow
Types of risk: financial loss
The purpose of market research: identify gaps in the market
Non-financial aims and objectives for start-ups: social objectives
Business ownership: private limited company (features)
Stakeholders: pressure groups
External growth: what a merger is
Product life cycle stage: decline
Production methods and competitive pricing decisions
ARR: how to calculate and interpret it
Too much communication: impacts on efficiency and motivation
Cash-flow calculations in context: opening and closing balances
Types of risk: lack of security
The purpose of market research: reduce risk
Non-financial aims and objectives for start-ups: personal satisfaction
Private limited company: advantages and disadvantages
Stakeholders: government
External growth: what a takeover is
Product life cycle extension strategies: what they are
Technology in production: balancing cost and productivity
Using graphs and charts to judge business performance
Barriers to effective communication: what they look like in workplaces
Profitability ratios: gross profit margin calculations
What business reward means for owners
The purpose of market research: inform business decisions
Non-financial aims and objectives for start-ups: challenge
What a franchise is
How stakeholders are affected by business activity
How growth can change business operations and costs
Extension strategies: changes to product features
Technology in production: balancing quality and flexibility
Interpreting financial data to support decisions
Part-time work: why businesses use it
Profitability ratios: net profit margin calculations
Types of reward: business success
Primary research methods: surveys
Non-financial aims and objectives for start-ups: independence and control
Franchising: advantages for the franchisee
How stakeholders can influence business decisions
How growth can change marketing decisions
Extension strategies: new markets and new promotion
Stock control graphs: interpreting bar gate stock graphs
Interpreting marketing data to support decisions
Full-time work: benefits and drawbacks for employers
Investment appraisal: average rate of return calculations
Types of reward: profit
Primary research methods: questionnaires
Why aims and objectives differ between businesses
Franchising: disadvantages for the franchisee
Conflicts between stakeholder groups: why they happen
How growth can change staffing needs
Why differentiation matters in competitive markets
Just in time (JIT): what it is and why it’s used
Interpreting market data to support decisions
Flexible hours: how they can improve recruitment and retention
Interpreting graphs and charts to support a business decision
Types of reward: independence
Primary research methods: focus groups
What revenue is and how to calculate it
Franchising: advantages for the franchisor
Technology in business: e-commerce
What a public limited company (plc) is
Pricing strategies: what they are and why they’re used
JIT benefits and risks for businesses
Choosing between quantitative and qualitative information
Permanent contracts: benefits and costs to a business
Interpreting market share data and changes over time
What business enterprise means
Primary research methods: observation
Fixed costs: what they are and examples
Franchising: disadvantages for the franchisor
Technology in business: social media
Why a growing business might choose plc status
Pricing strategies: when penetration pricing makes sense
What procurement is and why it matters
Limits of financial information: what it can miss
Temporary contracts: when they suit a business
Limits of quantitative data: what numbers don’t show
Why businesses exist: producing goods or providing services
Secondary research methods: internet sources
Variable costs: what they are and examples
Location factor: proximity to the market
Technology in business: digital communication
Internal finance for growth: retained profit
Pricing strategies: when price skimming makes sense
Supplier relationships: quality considerations
Limits of financial information: why context matters
Freelance contracts: when they suit a business
Using quantitative evidence to justify a recommendation
Why businesses exist: meeting customer needs
Secondary research methods: market reports
Total costs: what they are and how to calculate them
Location factor: proximity to labour
Technology in business: payment systems
Internal finance for growth: selling assets
Pricing strategies: when competitive pricing makes sense
Supplier relationships: delivery speed and reliability
Using data to support, inform and justify a decision
Technology and remote working: impacts on efficiency
What “adding value” means in business
Secondary research methods: government reports
Profit and loss: what they mean and how to calculate them
Location factor: proximity to materials
How technology can increase or decrease sales
External finance for growth: loan capital
Pricing strategies: when cost-plus pricing makes sense
Supplier relationships: availability of supplies
Data reliability: how inaccurate data damages decisions
Technology and remote working: managing teams at a distance
Ways businesses add value: convenience
Quantitative data in market research: what it is and why it’s useful
Interest on borrowing: what it is and how to calculate it
Location factor: proximity to competitors
How technology can increase or decrease costs
External finance for growth: share capital
How technology influences pricing decisions
Supplier relationships: cost considerations
Directors: roles and responsibilities
Ways businesses add value: branding
Qualitative data in market research: what it is and why it’s useful
Break-even output: what it means
Location decisions and the nature of the business activity
How technology changes the marketing mix
Stock market flotation: why it raises finance
How competition influences pricing decisions
Supplier relationships: trust and long-term partnerships
Senior managers: roles and responsibilities
Ways businesses add value: quality
How social media can be used to collect market research data
Break-even output: how to calculate it
How e-commerce changes location decisions
Why governments create business legislation
Why aims and objectives change: market conditions
How market segments influence pricing decisions
Logistics decisions and business costs
Supervisors and team leaders: roles and responsibilities
Ways businesses add value: design
Reliability in market research: why accuracy and bias matter
Margin of safety: what it means
Fixed premises vs online-only: choosing the right approach
Consumer law: quality expectations
Why aims and objectives change: technology
How the product life cycle influences pricing decisions
Logistics decisions and business reputation
Operational staff: roles and responsibilities
Ways businesses add value: unique selling points
What market segmentation means
Margin of safety: how to calculate it
What the marketing mix is
Consumer law: consumer rights
Why aims and objectives change: business performance
Promotion methods: advertising
Logistics decisions and customer satisfaction
Support staff: roles and responsibilities
What an entrepreneur does: organising resources
Segmenting by location
Break-even diagrams: identifying break-even point
Product in the marketing mix: why it matters
Employment law: recruitment rules
Why aims and objectives change: legislation
Promotion methods: sponsorship
What quality means in business
Person specification: what it includes and why it matters
What an entrepreneur does: making business decisions
Segmenting by demographics
Break-even diagrams: identifying profit and loss areas
Price in the marketing mix: why it matters
Employment law: pay rules
Why aims and objectives change: internal reasons
Promotion methods: product trials
Quality control: what it is
Job description: what it includes and why it matters
What an entrepreneur does: taking risks
Segmenting by lifestyle
Break-even diagrams: reading margin of safety
Promotion in the marketing mix: why it matters
Employment law: discrimination rules
Changing aims: shifting focus to survival or growth
Promotion methods: special offers
Quality assurance: what it is
Application forms: what they’re used for
Segmenting by income
Break-even diagrams: impact of changes in revenue
Place in the marketing mix: why it matters
Employment law: health and safety rules
Changing objectives: entering new markets
Promotion methods: branding
Quality and competitive advantage
CVs: what they’re used for
Segmenting by age
Break-even diagrams: impact of changes in costs
Balancing the marketing mix in a competitive environment
How legislation affects business costs
Changing objectives: exiting markets
Matching promotion to different market segments
Quality and cost control
Internal recruitment: advantages and disadvantages
Using market mapping to spot gaps in the market
Why cash is important: paying suppliers
Changing consumer needs and the marketing mix
Consequences of meeting legal obligations
Changing objectives: increasing workforce
Targeted online advertising: how it works
The sales process: product knowledge
External recruitment: advantages and disadvantages
Using market mapping to understand competitors
Why cash is important: paying overheads
Technology and the marketing mix: e-commerce
Consequences of not meeting legal obligations
Changing objectives: reducing workforce
Viral advertising through social media: why it can be effective
The sales process: speed and efficiency of service
Choosing recruitment methods to match business needs
Assessing competitors: price
Why cash is important: paying employees
Technology and the marketing mix: digital communication
What the economic climate is
Changing objectives: increasing product range
E-newsletters: how they support promotion
The sales process: customer engagement
Formal training: what it looks like
Assessing competitors: quality
Insolvency: why running out of cash can cause failure
What a business plan is and why it matters
Unemployment: how it affects businesses
Changing objectives: decreasing product range
Distribution channels: retailers
The sales process: responding to customer feedback
Informal training: what it looks like
Assessing competitors: location
Cash vs profit: how they are different
Business plan section: the business idea
Consumer income levels: how they affect demand
Globalisation: what it means for businesses
Distribution channels: e-tailers (e-commerce)
The sales process: post-sales service
Self-learning: benefits and risks
Assessing competitors: product range
Cash-flow forecasts: what cash inflows are
Business plan section: aims and objectives
Inflation: how it affects costs and prices
Imports: overseas competition in the UK
How product decisions affect price, promotion and place
Why good customer service matters to business success
Ongoing training: why it matters as a business grows
Assessing competitors: customer service
Cash-flow forecasts: what cash outflows are
Business plan section: target market and market research
Interest rates: how they affect borrowing and spending
Imports: buying from overseas suppliers
How price decisions affect product, promotion and place
Target setting: how it links to performance
How competition affects business decision making
Cash-flow forecasts: calculating net cash flow
Business plan section: forecast revenue, costs and profit
Government taxation: how it affects businesses
Exports: selling to overseas markets
How promotion decisions affect product, price and place
Performance reviews: how they support development
Cash-flow forecasts: calculating opening and closing balances
Business plan section: cash-flow forecast
Exchange rates: how they affect imports and exports
Globalisation and changing business locations
How place decisions affect product, price and promotion
Training and motivation: how they link
Interpreting a cash-flow forecast to spot problems
Business plan section: sources of finance
How businesses respond to changes in technology
Multinational businesses: what they are
Using the marketing mix to build competitive advantage
Training and retention: reducing staff turnover
Short-term finance: overdrafts
Business plan section: location
How businesses respond to changes in legislation
Tariffs: how they act as trade barriers
What an integrated marketing mix is
Retraining for new technology: why it’s needed
Short-term finance: trade credit
Business plan section: marketing mix
How businesses respond to changes in the economic climate
Trade blocs: how they affect international trade
How an integrated marketing mix strengthens competitive advantage
Why motivation matters: attracting employees
Long-term finance: personal savings
How planning reduces risk
Competing internationally using the internet and e-commerce
Why motivation matters: retaining employees
Long-term finance: venture capital
How a business plan helps to obtain finance
Competing internationally by adapting the marketing mix
Why motivation matters: improving productivity
Long-term finance: share capital
Business ethics: what ethical considerations are
Remuneration (pay): motivating with basic pay
Long-term finance: loans
Ethical trade-offs: ethics vs profit
Bonus: motivating with performance pay
Long-term finance: retained profit
Environmental considerations: sustainability and business decisions
Commission: motivating sales staff
Long-term finance: crowdfunding
Environmental trade-offs: environment vs profit
Promotion: motivating through progression
Pressure groups: how they can influence the marketing mix
Fringe benefits: motivating beyond pay
Job rotation: how it can motivate and develop skills
Job enrichment: increasing responsibility to motivate
Autonomy: how trust and independence can motivate
