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GCSEEdexcel

Business

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Why new business ideas happen: changes in technology

Enterprise and entrepreneurship

Why new business ideas happen: changes in what consumers want

Enterprise and entrepreneurship

Why new business ideas happen: products and services becoming obsolete

Enterprise and entrepreneurship

How new business ideas happen: original ideas

Enterprise and entrepreneurship

How new business ideas happen: adapting existing products, services or ideas

Enterprise and entrepreneurship

What business risk means for owners

Enterprise and entrepreneurship

Curriculum Modules

Why new business ideas happen: changes in technology Why new business ideas happen: changes in what consumers want Why new business ideas happen: products and services becoming obsolete How new business ideas happen: original ideas How new business ideas happen: adapting existing products, services or ideas What business risk means for owners Types of risk: business failure Types of risk: financial loss Types of risk: lack of security What business reward means for owners Types of reward: business success Types of reward: profit Types of reward: independence What business enterprise means Why businesses exist: producing goods or providing services Why businesses exist: meeting customer needs What “adding value” means in business Ways businesses add value: convenience Ways businesses add value: branding Ways businesses add value: quality Ways businesses add value: design Ways businesses add value: unique selling points What an entrepreneur does: organising resources What an entrepreneur does: making business decisions What an entrepreneur does: taking risks

What customer needs are: price What customer needs are: quality What customer needs are: choice What customer needs are: convenience Why understanding customers matters: generating sales Why understanding customers matters: business survival The purpose of market research: identify and understand customer needs The purpose of market research: identify gaps in the market The purpose of market research: reduce risk The purpose of market research: inform business decisions Primary research methods: surveys Primary research methods: questionnaires Primary research methods: focus groups Primary research methods: observation Secondary research methods: internet sources Secondary research methods: market reports Secondary research methods: government reports Quantitative data in market research: what it is and why it’s useful Qualitative data in market research: what it is and why it’s useful How social media can be used to collect market research data Reliability in market research: why accuracy and bias matter What market segmentation means Segmenting by location Segmenting by demographics Segmenting by lifestyle Segmenting by income Segmenting by age Using market mapping to spot gaps in the market Using market mapping to understand competitors Assessing competitors: price Assessing competitors: quality Assessing competitors: location Assessing competitors: product range Assessing competitors: customer service How competition affects business decision making

What business aims are What business objectives are Financial aims and objectives for start-ups: survival Financial aims and objectives for start-ups: profit Financial aims and objectives for start-ups: sales Financial aims and objectives for start-ups: market share Financial aims and objectives for start-ups: financial security Non-financial aims and objectives for start-ups: social objectives Non-financial aims and objectives for start-ups: personal satisfaction Non-financial aims and objectives for start-ups: challenge Non-financial aims and objectives for start-ups: independence and control Why aims and objectives differ between businesses What revenue is and how to calculate it Fixed costs: what they are and examples Variable costs: what they are and examples Total costs: what they are and how to calculate them Profit and loss: what they mean and how to calculate them Interest on borrowing: what it is and how to calculate it Break-even output: what it means Break-even output: how to calculate it Margin of safety: what it means Margin of safety: how to calculate it Break-even diagrams: identifying break-even point Break-even diagrams: identifying profit and loss areas Break-even diagrams: reading margin of safety Break-even diagrams: impact of changes in revenue Break-even diagrams: impact of changes in costs Why cash is important: paying suppliers Why cash is important: paying overheads Why cash is important: paying employees Insolvency: why running out of cash can cause failure Cash vs profit: how they are different Cash-flow forecasts: what cash inflows are Cash-flow forecasts: what cash outflows are Cash-flow forecasts: calculating net cash flow Cash-flow forecasts: calculating opening and closing balances Interpreting a cash-flow forecast to spot problems Short-term finance: overdrafts Short-term finance: trade credit Long-term finance: personal savings Long-term finance: venture capital Long-term finance: share capital Long-term finance: loans Long-term finance: retained profit Long-term finance: crowdfunding

Limited liability: what it means Unlimited liability: what it means Limited vs unlimited liability: implications for owners Business ownership: sole trader (features)Sole trader: advantages and disadvantages Business ownership: partnership (features)Partnership: advantages and disadvantages Business ownership: private limited company (features)Private limited company: advantages and disadvantages What a franchise is Franchising: advantages for the franchisee Franchising: disadvantages for the franchisee Franchising: advantages for the franchisor Franchising: disadvantages for the franchisor Location factor: proximity to the market Location factor: proximity to labour Location factor: proximity to materials Location factor: proximity to competitors Location decisions and the nature of the business activity How e-commerce changes location decisions Fixed premises vs online-only: choosing the right approach What the marketing mix is Product in the marketing mix: why it matters Price in the marketing mix: why it matters Promotion in the marketing mix: why it matters Place in the marketing mix: why it matters Balancing the marketing mix in a competitive environment Changing consumer needs and the marketing mix Technology and the marketing mix: e-commerce Technology and the marketing mix: digital communication What a business plan is and why it matters Business plan section: the business idea Business plan section: aims and objectives Business plan section: target market and market research Business plan section: forecast revenue, costs and profit Business plan section: cash-flow forecast Business plan section: sources of finance Business plan section: location Business plan section: marketing mix How planning reduces risk How a business plan helps to obtain finance

Who stakeholders are in business Stakeholders: owners or shareholders Stakeholders: employees Stakeholders: customers Stakeholders: managers Stakeholders: suppliers Stakeholders: local community Stakeholders: pressure groups Stakeholders: government How stakeholders are affected by business activity How stakeholders can influence business decisions Conflicts between stakeholder groups: why they happen Technology in business: e-commerce Technology in business: social media Technology in business: digital communication Technology in business: payment systems How technology can increase or decrease sales How technology can increase or decrease costs How technology changes the marketing mix Why governments create business legislation Consumer law: quality expectations Consumer law: consumer rights Employment law: recruitment rules Employment law: pay rules Employment law: discrimination rules Employment law: health and safety rules How legislation affects business costs Consequences of meeting legal obligations Consequences of not meeting legal obligations What the economic climate is Unemployment: how it affects businesses Consumer income levels: how they affect demand Inflation: how it affects costs and prices Interest rates: how they affect borrowing and spending Government taxation: how it affects businesses Exchange rates: how they affect imports and exports How businesses respond to changes in technology How businesses respond to changes in legislation How businesses respond to changes in the economic climate

Internal (organic) growth: what it is Internal growth through new products: innovation Internal growth through new products: research and development Internal growth through new markets: adjusting the marketing mix Internal growth through new markets: using technology Internal growth through new markets: expanding overseas External (inorganic) growth: what it is External growth: what a merger is External growth: what a takeover is How growth can change business operations and costs How growth can change marketing decisions How growth can change staffing needs What a public limited company (plc) is Why a growing business might choose plc status Internal finance for growth: retained profit Internal finance for growth: selling assets External finance for growth: loan capital External finance for growth: share capital Stock market flotation: why it raises finance Why aims and objectives change: market conditions Why aims and objectives change: technology Why aims and objectives change: business performance Why aims and objectives change: legislation Why aims and objectives change: internal reasons Changing aims: shifting focus to survival or growth Changing objectives: entering new markets Changing objectives: exiting markets Changing objectives: increasing workforce Changing objectives: reducing workforce Changing objectives: increasing product range Changing objectives: decreasing product range Globalisation: what it means for businesses Imports: overseas competition in the UK Imports: buying from overseas suppliers Exports: selling to overseas markets Globalisation and changing business locations Multinational businesses: what they are Tariffs: how they act as trade barriers Trade blocs: how they affect international trade Competing internationally using the internet and e-commerce Competing internationally by adapting the marketing mix Business ethics: what ethical considerations are Ethical trade-offs: ethics vs profit Environmental considerations: sustainability and business decisions Environmental trade-offs: environment vs profit Pressure groups: how they can influence the marketing mix

The design mix: function The design mix: aesthetics The design mix: cost Product life cycle: what it is and why it matters Product life cycle stage: introduction Product life cycle stage: growth Product life cycle stage: maturity Product life cycle stage: decline Product life cycle extension strategies: what they are Extension strategies: changes to product features Extension strategies: new markets and new promotion Why differentiation matters in competitive markets Pricing strategies: what they are and why they’re used Pricing strategies: when penetration pricing makes sense Pricing strategies: when price skimming makes sense Pricing strategies: when competitive pricing makes sense Pricing strategies: when cost-plus pricing makes sense How technology influences pricing decisions How competition influences pricing decisions How market segments influence pricing decisions How the product life cycle influences pricing decisions Promotion methods: advertising Promotion methods: sponsorship Promotion methods: product trials Promotion methods: special offers Promotion methods: branding Matching promotion to different market segments Targeted online advertising: how it works Viral advertising through social media: why it can be effective E-newsletters: how they support promotion Distribution channels: retailers Distribution channels: e-tailers (e-commerce)How product decisions affect price, promotion and place How price decisions affect product, promotion and place How promotion decisions affect product, price and place How place decisions affect product, price and promotion Using the marketing mix to build competitive advantage What an integrated marketing mix is How an integrated marketing mix strengthens competitive advantage

The purpose of business operations for goods The purpose of business operations for services Job production: what it is and when it suits a business Batch production: what it is and when it suits a business Flow production: what it is and when it suits a business Choosing production methods to improve productivity Choosing production methods to reduce costs Production methods and competitive pricing decisions Technology in production: balancing cost and productivity Technology in production: balancing quality and flexibility Stock control graphs: interpreting bar gate stock graphs Just in time (JIT): what it is and why it’s used JIT benefits and risks for businesses What procurement is and why it matters Supplier relationships: quality considerations Supplier relationships: delivery speed and reliability Supplier relationships: availability of supplies Supplier relationships: cost considerations Supplier relationships: trust and long-term partnerships Logistics decisions and business costs Logistics decisions and business reputation Logistics decisions and customer satisfaction What quality means in business Quality control: what it is Quality assurance: what it is Quality and competitive advantage Quality and cost control The sales process: product knowledge The sales process: speed and efficiency of service The sales process: customer engagement The sales process: responding to customer feedback The sales process: post-sales service Why good customer service matters to business success

Gross profit: what it is and how to calculate it Net profit: what it is and how to calculate it Gross profit margin: what it shows Gross profit margin: how to calculate and interpret it Net profit margin: what it shows Net profit margin: how to calculate and interpret it Average rate of return (ARR): what it measures ARR: how to calculate and interpret it Using graphs and charts to judge business performance Interpreting financial data to support decisions Interpreting marketing data to support decisions Interpreting market data to support decisions Choosing between quantitative and qualitative information Limits of financial information: what it can miss Limits of financial information: why context matters Using data to support, inform and justify a decision Data reliability: how inaccurate data damages decisions

Organisational structures: what they are for Hierarchical structures: features and when appropriate Flat structures: features and when appropriate Centralised decision making: features and impacts Decentralised decision making: features and impacts Why communication is essential in business Too little communication: impacts on efficiency and motivation Too much communication: impacts on efficiency and motivation Barriers to effective communication: what they look like in workplaces Part-time work: why businesses use it Full-time work: benefits and drawbacks for employers Flexible hours: how they can improve recruitment and retention Permanent contracts: benefits and costs to a business Temporary contracts: when they suit a business Freelance contracts: when they suit a business Technology and remote working: impacts on efficiency Technology and remote working: managing teams at a distance Directors: roles and responsibilities Senior managers: roles and responsibilities Supervisors and team leaders: roles and responsibilities Operational staff: roles and responsibilities Support staff: roles and responsibilities Person specification: what it includes and why it matters Job description: what it includes and why it matters Application forms: what they’re used for CVs: what they’re used for Internal recruitment: advantages and disadvantages External recruitment: advantages and disadvantages Choosing recruitment methods to match business needs Formal training: what it looks like Informal training: what it looks like Self-learning: benefits and risks Ongoing training: why it matters as a business grows Target setting: how it links to performance Performance reviews: how they support development Training and motivation: how they link Training and retention: reducing staff turnover Retraining for new technology: why it’s needed Why motivation matters: attracting employees Why motivation matters: retaining employees Why motivation matters: improving productivity Remuneration (pay): motivating with basic pay Bonus: motivating with performance pay Commission: motivating sales staff Promotion: motivating through progression 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

Percentages in business: calculating percentage change Averages in business: calculating and interpreting averages Revenue calculations in context: price × quantity Costs and profit calculations in context Break-even calculations in context Margin of safety calculations in context Cash-flow calculations in context: net cash flow Cash-flow calculations in context: opening and closing balances Profitability ratios: gross profit margin calculations Profitability ratios: net profit margin calculations Investment appraisal: average rate of return calculations Interpreting graphs and charts to support a business decision Interpreting market share data and changes over time Limits of quantitative data: what numbers don’t show Using quantitative evidence to justify a recommendation

Community Lessons

Retained Profit

Retained profit

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