Your journey to excellence in
By Revision Genie
Business Activity
Unit 1
What Is Business Activity?
Meeting Customer Needs
The Competitive Environment
The Dynamic Environment
Identifying Business Opportunities
Local, National, and Global Scales
Interdependent Nature of Business Functions
Providing Goods vs Services
Private vs Public Sector Provision
Consumer vs Producer Goods
Durable vs Non-Durable Goods
Personal vs Commercial Services
What Is Business Enterprise?
Role of Entrepreneurs in Business
Characteristics of Entrepreneurs
Motives of Entrepreneurs
Risks and Rewards of Enterprise
Support for Business Start-Ups
Importance of Business Planning
Sections of a Business Plan
SMART Business Objectives
Types of Business Aims
Changing Aims and Objectives
Stakeholders in Business Activity
Stakeholder Influence on Business
Unlimited Liability Business Structures
Limited Liability Business Structures
Co-operatives and Charities
Advantages and Disadvantages of Ownership Types
Reasons Businesses Grow
Internal Methods of Growth
External Methods of Growth
Franchising as a Growth Method
Why Some Businesses Stay Small
Factors Influencing Business Location
Factors Influencing Business Site Selection
Choosing a Location and Site
Main Business Functions
How Functions Work Together
Unit 2
Influences on Business
Technological Changes in Business
Technology in the Workplace
E-Commerce and M-Commerce
Using Social Media in Business
Advantages of New Technology
Disadvantages of New Technology
Defining Business Ethics
Ethics vs Profit Conflict
Ethical Issues in Business
Advantages of Ethical Policies
Disadvantages of Ethical Policies
Environmental Costs of Business Activity
Understanding Sustainability in Business
Responding to Environmental Issues
Advantages of Environmental Policies
Disadvantages of Environmental Policies
Economic Factors Affecting Businesses
Impact of Consumer Income Changes
Effects of Unemployment on Business
Inflation and Business Activity
Interest Rates and Business Costs
Tax Rates and Business Decisions
Overview of Globalisation
Understanding International Trade
Advantages of International Trade
Disadvantages of International Trade
Opportunities in the Global Marketplace
Threats in the Global Marketplace
Impact of Globalisation on UK Businesses
What is a Multinational Company?
Positive Impacts of Multinationals
Negative Impacts of Multinationals
European Union and Single Market
EU Membership Impact on Businesses
Non-Membership Impact on Businesses
Why Legislation is Needed in Business
Employment Law Protections
Consumer Law Protections
Intellectual Property in Business
Impact of Legislation on Business Costs
Impact of Legislation on Stakeholders
Unit 3
Business Operations
Job Production Method
Batch Production Method
Flow Production Method
Advantages of Job Production
Disadvantages of Job Production
Advantages of Batch Production
Disadvantages of Batch Production
Advantages of Flow Production
Disadvantages of Flow Production
How Technology Influences Production
Customer Expectations of Quality
Achieving Quality in Business
Importance of Quality to Businesses
Procurement in the Supply Chain
Logistics in the Supply Chain
Stock Control Methods
Impact of Supply Chain Decisions
Stages of the Sales Process
Adapting the Sales Process
Customer Service and Expectations
Features of Good Customer Service
Customer Interaction Situations
Online Customer Service Adaptations
Unit 4
Finance
Internal Sources of Finance
External Sources of Finance
Advantages of Internal Finance
Disadvantages of Internal Finance
Advantages of External Finance
Disadvantages of External Finance
Choosing Finance for Start-Up
Choosing Finance for Expansion
Choosing Finance for Cash Flow Issues
Defining Revenue and Costs
Calculating Fixed Costs
Calculating Variable Costs
Calculating Total Costs
Calculating Total Revenue
Calculating Profit and Loss
Understanding Break-Even
Constructing a Break-Even Chart
Using the Break-Even Formula
Impact of Cost Changes on Break-Even
Impact of Price Changes on Break-Even
Profit as a Business Reward
Components of Profit and Loss Accounts
Constructing Profit and Loss Accounts
Calculating Gross Profit Margin
Calculating Net Profit Margin
Interpreting Profit Margins
Improving Profit and Reducing Costs
Importance of Cash in Business
Difference Between Cash and Profit
Understanding Cash-Flow Forecasts
Constructing Cash-Flow Forecasts
Calculating Cash-Flow Forecasts
Interpreting Cash-Flow Forecasts
Impact of Cash-Flow Forecasts on Decisions
Solving Cash-Flow Problems
Increasing Revenue to Improve Cash Flow
Reducing Costs to Improve Cash Flow
Delaying Payments to Improve Cash Flow
Using Extra Funding for Cash Flow
Analysing Revenue Data
Analysing Cost Data
Analysing Profit Data
Using Profit and Loss Accounts for Analysis
Using Cash-Flow Data for Analysis
Evaluating Financial Performance
Making Decisions with Financial Data
Considering Qualitative Data in Finance
Unit 5
Marketing
Identifying Customer Needs
Market Segmentation Basics
Types of Market Segmentation
Benefits of Market Segmentation
Purpose of Market Research
Primary Market Research Methods
Secondary Market Research Sources
Advantages of Primary Research
Disadvantages of Primary Research
Advantages of Secondary Research
Disadvantages of Secondary Research
Qualitative vs Quantitative Data
Interpreting Market Research Data
The Marketing Mix Overview
The Product Element
Product Portfolio and Branding
Stages of the Product Life Cycle
Extension Strategies for Products
Constructing Product Life Cycle Diagrams
Using Product Life Cycles in Decisions
Pricing Strategies Overview
Cost-Plus Pricing Strategy
Competitive Pricing Strategy
Penetration Pricing Strategy
Price Skimming Strategy
Psychological Pricing Strategy
Loss Leaders Pricing Strategy
Price Discrimination Strategy
Choosing Pricing Strategies
Promotion Methods Overview
Advertising Media Options
Sales Promotion Techniques
Direct Marketing Methods
Impact of Technology on Promotion
Social Media in Promotion
Selecting Promotional Methods
Place in the Marketing Mix
Distribution Channels Explained
Manufacturer to Consumer Channel
Manufacturer to Retailer Channel
Manufacturer to Wholesaler Channel
E-commerce and M-commerce
Multi-Channel Distribution
Choosing Distribution Channels
Unit 6
Human Resources
The Importance of Recruitment
Steps in the Recruitment Process
Job Descriptions and Person Specifications
Internal vs External Recruitment
Methods of Recruitment
Advantages and Disadvantages of Recruitment Methods
Selecting the Best Recruitment Method
Benefits of Employee Training
Situations Requiring Training
On-the-Job Training Methods
Off-the-Job Training Methods
Advantages and Disadvantages of On-the-Job Training
Advantages and Disadvantages of Off-the-Job Training
Choosing the Right Training Type
Benefits of Workforce Motivation
Financial Methods of Motivation
Non-Financial Methods of Motivation
Selecting Motivation Methods for Specific Contexts
Understanding Organisational Structures
Job Roles and Responsibilities
Flat vs Hierarchical Structures
Advantages and Disadvantages of Organisational Structures
Interpreting Organisation Charts
Effective Communication in the Workplace
Consequences of Poor Communication
Flexible Working Practices
Home Working and Job Sharing
Zero-Hours Contracts
Adapting Organisational Structures to Business Needs
The Role of Human Resources in Business
Interdependence of HR and Other Business Functions
Evolving Working Practices in Business
