Business Studies
Autumn 1
Year 10
1.1.1 The dynamic nature of business
1.1.2 Risk and reward
1.1.3 The role of business enterprise
Why new business ideas come about:
Changes in technology
Changes in what consumers want
Products and services becoming obsolete.
How new business ideas come about:
Original ideas
Adapting existing products/ services/ideas. The impact of risk and reward on business activity:
Risk: business failure, financial loss, lack of security
Reward: business success, profit, independence.
The role of business enterprise and the purpose of business activity:
To produce goods or services
To meet customer needs
To add value: convenience, branding, quality, design, unique selling points.
The role of entrepreneurship:
An entrepreneur: organises resources, makes business decisions, takes risks
Year 11
2.1.1 Business growth (2)
2.1.2 Changes in business aims and objectives
2.1.3 (1)
2.1.3 (2) Business and globalisation
Business and globalisation
The types of business ownership for growing businesses:
Public limited company (plc)
Sources of finance for growing and established businesses:
Internal sources: retained profit, selling assets
External sources: loan capital, share capital, including stock market flotation (public limited companies)
Why business aims and objectives change as businesses evolve:
In response to: market conditions, technology, performance, legislation, internal reasons.
How business aims and objectives change as businesses evolve:
Focus on survival or growth
Entering or exiting markets
Growing or reducing the workforce
Increasing or decreasing product range.
The impact of globalisation on businesses:
Imports: competition from overseas, buying from overseas
Exports: selling to overseas markets
Changing business locations
Barriers to international trade:
Tariffs
Trade blocs.
How businesses compete internationally:
The use of the internet and e-commerce
Changing the marketing mix to compete internationally.
Autumn 2
Year 10
1.2.1Customer needs
1.2.2 Market research &
1.2.3 Market segmentation
1.2.4 The competitive environment
1.3.1 Business aims and objectives
Identifying and under-standing customer needs:
What customer needs are: price, quality, choice, convenience
The importance of identifying and under-standing customers: generating sales, business survival.
How businesses use market segmentation to target customers:
Identifying market segments: location, demographics, lifestyle, income, age
Market mapping to identify a gap in the market and the competition.
Understanding the competitive environment:
Strengths and weaknesses of competitors based on: price, quality, location, product range and customer service
The impact of competition on business decision making.
What business aims and business objectives are.
Business aims and objectives when starting up:
Financial aims and objectives: survival, profit, sales, market share, financial security
Non-financial aims and objectives: social objectives, personal satisfaction, challenge, independence and control.
Why aims and objectives differ between businesses.
Year 11
2.2.1 Product
2.2.2 Price
2.2.3 Promotion
2.2.4 Place
2.2.5 Using the marketing mix to make business decisions
The design mix:
Function, aesthetics, cost.
The product life cycle:
The phases of the product life cycle
Extension strategies.
The importance to a business of differentiating a product/service
Pricing strategies
Influences on pricing strategies: technology, competition, market segments, product life cycle.
Promotion:
Appropriate promotion strategies for different market segments: advertising, sponsorship, product trials, special offers, branding
The use of technology in promotion: targeted advertising online, viral advertising via social media, e-newsletters.
Place:
Methods of distribution: retailers and e-tailers (e-commerce).
How each element of the marketing mix can influence other elements.
Using the marketing mix to build competitive advantage.
How an integrated marketing mix can influence competitive advantage.
Spring 1
Year 10
1.3.2 Business revenues, costs and profits
1.3.3 Cash and cash-flow
1.3.4 Sources of business finance
The concept and calculation of:
Revenue
Fixed and variable costs
Total costs
Profit and loss
Interest
Break even level of output
Margin of safety.
Interpretation of break even diagrams:
The impact of changes in revenue and costs
Break even level of output
Margin of safety
Profit and loss.
The importance of cash to a business:
To pay suppliers, overheads and employees
To prevent business failure (insolvency)
The difference between cash and profit.
Calculation and interpretation of cash-flow forecasts:
Cash inflows
Cash outflows
Net cash flow
Opening and closing balances Sources of finance for a start-up or established small business:
Short-term sources: overdraft and trade credit
Long-term sources: personal savings, venture capital, share capital, loans, retained profit and crowd funding.
Year 11
2.3.2 Working with suppliers (1)
2.3.3 Managing quality
2.3.4 The sales process
Managing stock:
Interpretation of bar gate stock graphs
The use of just in time (JIT) stock con The role of procurement:
Relationships with suppliers: quality, delivery (cost, speed, reliability), availability, cost, trust
The impact of logistics and supply decisions on: costs, reputation, customer satisfaction.
The concept of quality and its importance in:
The production of goods and the provision of services: quality control and quality assurance
Allowing a business to control costs and gain a competitive advantage
The sales process:
Product knowledge, speed and efficiency of service, customer engagement, responses to customer feedback, post-sales service.
The importance to businesses of providing good customer service.
Spring 2
Year 10
1.4.1 The options for start-up and small businesses
1.4.2 Business location
1.4.3 The marketing mix
The concept of limited liability:
Limited and unlimited liability
The implications for the business owner(s) of limited and unlimited liability.
The types of business ownership for start-ups:
Sole trader, partnership, private limited company
The advantages and disadvantages of each type of business ownership.
The option of starting up and running a franchise operation:
The advantages and disadvantages of franchising.
Factors influencing business location:
Proximity to: market, labour, materials and competitors
Nature of the business activity
The impact of the internet on location decisions: e-commerce and/or fixed premises.
What the marketing mix is and the importance of each element:
Price, product, promotion, place.
How the elements of the marketing mix work together:
Balancing the marketing mix based on the competitive environment
The impact of changing consumer needs on the marketing mix
The impact of technology on the marketing mix: e-commerce, digital communication.
Year 11
2.5.1 Organisational structures (2)
2.5.1 Organisational structures (3)
The importance of effective communication:
The impact of insufficient or excessive communication on efficiency and motivation
Barriers to effective communication
Different ways of working:
Part-time, full-time and flexible hours
Permanent, temporary, and freelance contracts
The impact of technology on ways of working: efficiency, remote working.
Summer 1
Year 10
1.4.4 Business plans
1.5.1 Business stakeholders
1.5.2 Technology and business
The role and importance of a business plan:
To identify: the business idea; business aims and objectives; target market (market research); forecast revenue, cost and profit; cash-flow forecast; sources of finance; location; marketing mix.
The purpose of planning business activity:
The role and importance of a business plan in minimising risk and obtaining finance.
Who business stakeholders are and their different objectives:
Shareholders (owners), employees, customers, managers,
Suppliers, local community, pressure groups, the government.
Stakeholders and businesses:
How stakeholders are affected by business activity
How stakeholders impact business activity
Year 11
2.5.2 Effective recruitment
2.5.3 Effective training and development
Different job roles and responsibilities:
Key job roles and their responsibilities: directors, senior managers, supervisors/team leaders, operational and support staff.
How businesses recruit people:
Documents: person specification and job description, application form, CV
Recruitment methods used to meet different business needs (internal and external recruitment).
How businesses train and develop employees:
Different ways of training and developing employees: formal and informal training, self-learning, ongoing training for all employees, use of target setting and performance reviews.
Why businesses train and develop employees:
The link between training, motivation and retention
Retraining to use new technology
Summer 2
Year 10
1.5.3 Legislation and business
1.5.4 The economy and business
The purpose of legislation:
Principles of consumer law: quality and consumer rights
Principles of employment law: recruitment, pay, discrimination and health and safety.
The impact of legislation on businesses:
Cost
Consequences of meeting and not meeting these obligations.
The impact of the economic climate on businesses:
Unemployment, changing levels of consumer income, inflation, changes in interest rates, government taxation, changes in exchange rates.
Year 11
2.5.4 Motivation
The importance of motivation in the workplace:
Attracting employees, retaining employees, productivity.