Business

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Exam Questions

Why new business ideas happen: changes in technologyNew Why new business ideas happen: changes in what consumers wantNew Why new business ideas happen: products and services becoming obsoleteNew How new business ideas happen: original ideasNew How new business ideas happen: adapting existing products, services or ideasNew What business risk means for ownersNew Types of risk: business failureNew Types of risk: financial lossNew Types of risk: lack of securityNew What business reward means for ownersNew Types of reward: business successNew Types of reward: profitNew Types of reward: independenceNew What business enterprise meansNew Why businesses exist: producing goods or providing servicesNew Why businesses exist: meeting customer needsNew What “adding value” means in businessNew Ways businesses add value: convenienceNew Ways businesses add value: brandingNew Ways businesses add value: qualityNew Ways businesses add value: designNew Ways businesses add value: unique selling pointsNew What an entrepreneur does: organising resourcesNew What an entrepreneur does: making business decisionsNew What an entrepreneur does: taking risksNew

What customer needs are: priceNew What customer needs are: qualityNew What customer needs are: choiceNew What customer needs are: convenienceNew Why understanding customers matters: generating salesNew Why understanding customers matters: business survivalNew The purpose of market research: identify and understand customer needsNew The purpose of market research: identify gaps in the marketNew The purpose of market research: reduce riskNew The purpose of market research: inform business decisionsNew Primary research methods: surveysNew Primary research methods: questionnairesNew Primary research methods: focus groupsNew Primary research methods: observationNew Secondary research methods: internet sourcesNew Secondary research methods: market reportsNew Secondary research methods: government reportsNew Quantitative data in market research: what it is and why it’s usefulNew Qualitative data in market research: what it is and why it’s usefulNew How social media can be used to collect market research dataNew Reliability in market research: why accuracy and bias matterNew What market segmentation meansNew Segmenting by locationNew Segmenting by demographicsNew Segmenting by lifestyleNew Segmenting by incomeNew Segmenting by ageNew Using market mapping to spot gaps in the marketNew Using market mapping to understand competitorsNew Assessing competitors: priceNew Assessing competitors: qualityNew Assessing competitors: locationNew Assessing competitors: product rangeNew Assessing competitors: customer serviceNew How competition affects business decision makingNew

Who stakeholders are in businessNew Stakeholders: owners or shareholdersNew Stakeholders: employeesNew Stakeholders: customersNew Stakeholders: managersNew Stakeholders: suppliersNew Stakeholders: local communityNew Stakeholders: pressure groupsNew Stakeholders: governmentNew How stakeholders are affected by business activityNew How stakeholders can influence business decisionsNew Conflicts between stakeholder groups: why they happenNew Technology in business: e-commerceNew Technology in business: social mediaNew Technology in business: digital communicationNew Technology in business: payment systemsNew How technology can increase or decrease salesNew How technology can increase or decrease costsNew How technology changes the marketing mixNew Why governments create business legislationNew Consumer law: quality expectationsNew Consumer law: consumer rightsNew Employment law: recruitment rulesNew Employment law: pay rulesNew Employment law: discrimination rulesNew Employment law: health and safety rulesNew How legislation affects business costsNew Consequences of meeting legal obligationsNew Consequences of not meeting legal obligationsNew What the economic climate isNew Unemployment: how it affects businessesNew Consumer income levels: how they affect demandNew Inflation: how it affects costs and pricesNew Interest rates: how they affect borrowing and spendingNew Government taxation: how it affects businessesNew Exchange rates: how they affect imports and exportsNew How businesses respond to changes in technologyNew How businesses respond to changes in legislationNew How businesses respond to changes in the economic climateNew

Internal (organic) growth: what it isNew Internal growth through new products: innovationNew Internal growth through new products: research and developmentNew Internal growth through new markets: adjusting the marketing mixNew Internal growth through new markets: using technologyNew Internal growth through new markets: expanding overseasNew External (inorganic) growth: what it isNew External growth: what a merger isNew External growth: what a takeover isNew How growth can change business operations and costsNew How growth can change marketing decisionsNew How growth can change staffing needsNew What a public limited company (plc) isNew Why a growing business might choose plc statusNew Internal finance for growth: retained profitNew Internal finance for growth: selling assetsNew External finance for growth: loan capitalNew External finance for growth: share capitalNew Stock market flotation: why it raises financeNew Why aims and objectives change: market conditionsNew Why aims and objectives change: technologyNew Why aims and objectives change: business performanceNew Why aims and objectives change: legislationNew Why aims and objectives change: internal reasonsNew Changing aims: shifting focus to survival or growthNew Changing objectives: entering new marketsNew Changing objectives: exiting marketsNew Changing objectives: increasing workforceNew Changing objectives: reducing workforceNew Changing objectives: increasing product rangeNew Changing objectives: decreasing product rangeNew Globalisation: what it means for businessesNew Imports: overseas competition in the UKNew Imports: buying from overseas suppliersNew Exports: selling to overseas marketsNew Globalisation and changing business locationsNew Multinational businesses: what they areNew Tariffs: how they act as trade barriersNew Trade blocs: how they affect international tradeNew Competing internationally using the internet and e-commerceNew Competing internationally by adapting the marketing mixNew Business ethics: what ethical considerations areNew Ethical trade-offs: ethics vs profitNew Environmental considerations: sustainability and business decisionsNew Environmental trade-offs: environment vs profitNew Pressure groups: how they can influence the marketing mixNew

The design mix: functionNew The design mix: aestheticsNew The design mix: costNew Product life cycle: what it is and why it mattersNew Product life cycle stage: introductionNew Product life cycle stage: growthNew Product life cycle stage: maturityNew Product life cycle stage: declineNew Product life cycle extension strategies: what they areNew Extension strategies: changes to product featuresNew Extension strategies: new markets and new promotionNew Why differentiation matters in competitive marketsNew Pricing strategies: what they are and why they’re usedNew Pricing strategies: when penetration pricing makes senseNew Pricing strategies: when price skimming makes senseNew Pricing strategies: when competitive pricing makes senseNew Pricing strategies: when cost-plus pricing makes senseNew How technology influences pricing decisionsNew How competition influences pricing decisionsNew How market segments influence pricing decisionsNew How the product life cycle influences pricing decisionsNew Promotion methods: advertisingNew Promotion methods: sponsorshipNew Promotion methods: product trialsNew Promotion methods: special offersNew Promotion methods: brandingNew Matching promotion to different market segmentsNew Targeted online advertising: how it worksNew Viral advertising through social media: why it can be effectiveNew E-newsletters: how they support promotionNew Distribution channels: retailersNew Distribution channels: e-tailers (e-commerce)New How product decisions affect price, promotion and placeNew How price decisions affect product, promotion and placeNew How promotion decisions affect product, price and placeNew How place decisions affect product, price and promotionNew Using the marketing mix to build competitive advantageNew What an integrated marketing mix isNew How an integrated marketing mix strengthens competitive advantageNew

The purpose of business operations for goodsNew The purpose of business operations for servicesNew Job production: what it is and when it suits a businessNew Batch production: what it is and when it suits a businessNew Flow production: what it is and when it suits a businessNew Choosing production methods to improve productivityNew Choosing production methods to reduce costsNew Production methods and competitive pricing decisionsNew Technology in production: balancing cost and productivityNew Technology in production: balancing quality and flexibilityNew Stock control graphs: interpreting bar gate stock graphsNew Just in time (JIT): what it is and why it’s usedNew JIT benefits and risks for businessesNew What procurement is and why it mattersNew Supplier relationships: quality considerationsNew Supplier relationships: delivery speed and reliabilityNew Supplier relationships: availability of suppliesNew Supplier relationships: cost considerationsNew Supplier relationships: trust and long-term partnershipsNew Logistics decisions and business costsNew Logistics decisions and business reputationNew Logistics decisions and customer satisfactionNew What quality means in businessNew Quality control: what it isNew Quality assurance: what it isNew Quality and competitive advantageNew Quality and cost controlNew The sales process: product knowledgeNew The sales process: speed and efficiency of serviceNew The sales process: customer engagementNew The sales process: responding to customer feedbackNew The sales process: post-sales serviceNew Why good customer service matters to business successNew

Gross profit: what it is and how to calculate itNew Net profit: what it is and how to calculate itNew Gross profit margin: what it showsNew Gross profit margin: how to calculate and interpret itNew Net profit margin: what it showsNew Net profit margin: how to calculate and interpret itNew Average rate of return (ARR): what it measuresNew ARR: how to calculate and interpret itNew Using graphs and charts to judge business performanceNew Interpreting financial data to support decisionsNew Interpreting marketing data to support decisionsNew Interpreting market data to support decisionsNew Choosing between quantitative and qualitative informationNew Limits of financial information: what it can missNew Limits of financial information: why context mattersNew Using data to support, inform and justify a decisionNew Data reliability: how inaccurate data damages decisionsNew

Organisational structures: what they are forNew Hierarchical structures: features and when appropriateNew Flat structures: features and when appropriateNew Centralised decision making: features and impactsNew Decentralised decision making: features and impactsNew Why communication is essential in businessNew Too little communication: impacts on efficiency and motivationNew Too much communication: impacts on efficiency and motivationNew Barriers to effective communication: what they look like in workplacesNew Part-time work: why businesses use itNew Full-time work: benefits and drawbacks for employersNew Flexible hours: how they can improve recruitment and retentionNew Permanent contracts: benefits and costs to a businessNew Temporary contracts: when they suit a businessNew Freelance contracts: when they suit a businessNew Technology and remote working: impacts on efficiencyNew Technology and remote working: managing teams at a distanceNew Directors: roles and responsibilitiesNew Senior managers: roles and responsibilitiesNew Supervisors and team leaders: roles and responsibilitiesNew Operational staff: roles and responsibilitiesNew Support staff: roles and responsibilitiesNew Person specification: what it includes and why it mattersNew Job description: what it includes and why it mattersNew Application forms: what they’re used forNew CVs: what they’re used forNew Internal recruitment: advantages and disadvantagesNew External recruitment: advantages and disadvantagesNew Choosing recruitment methods to match business needsNew Formal training: what it looks likeNew Informal training: what it looks likeNew Self-learning: benefits and risksNew Ongoing training: why it matters as a business growsNew Target setting: how it links to performanceNew Performance reviews: how they support developmentNew Training and motivation: how they linkNew Training and retention: reducing staff turnoverNew Retraining for new technology: why it’s neededNew Why motivation matters: attracting employeesNew Why motivation matters: retaining employeesNew Why motivation matters: improving productivityNew Remuneration (pay): motivating with basic payNew Bonus: motivating with performance payNew Commission: motivating sales staffNew Promotion: motivating through progressionNew Fringe benefits: motivating beyond payNew Job rotation: how it can motivate and develop skillsNew Job enrichment: increasing responsibility to motivateNew Autonomy: how trust and independence can motivateNew

Percentages in business: calculating percentage changeNew Averages in business: calculating and interpreting averagesNew Revenue calculations in context: price × quantityNew Costs and profit calculations in contextNew Break-even calculations in contextNew Margin of safety calculations in contextNew Cash-flow calculations in context: net cash flowNew Cash-flow calculations in context: opening and closing balancesNew Profitability ratios: gross profit margin calculationsNew Profitability ratios: net profit margin calculationsNew Investment appraisal: average rate of return calculationsNew Interpreting graphs and charts to support a business decisionNew Interpreting market share data and changes over timeNew Limits of quantitative data: what numbers don’t showNew Using quantitative evidence to justify a recommendationNew

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Business

Exam Questions

Enterprise and entrepreneurship

Spotting a business opportunity

Putting a business idea into practice

Making the business effective

Understanding external influences on business

Growing the business

Making marketing decisions

Making operational decisions

Making financial decisions

Making human resource decisions

Quantitative skills and formulae (embedded across both themes)

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