EDEXCEL GCSE BUSINESS 9-1

Transcription

1 EDEXCEL GCSE BUSINESS Enterprise and entrepreneurship The dynamic nature f Business " # I knw why new business ideas cme abut. (Changes in technlgy, changes in what cnsumers want and prducts and services becming bslete). I understand hw new ideas cme abut: riginal ideas and adapting existing prducts/services/ideas. Risk and Reward " # I understand the risks invlved in pening a business; business failure, financial lss, lack f security. I understand the rewards invlved in pening a business; business success, prfit and independence. The rle f Business enterprise " # I knw what a 'gd' is. I knw what a 'service' is. I understand the rle f market research. I understand the imprtance f meeting custmer needs. I understand the term 'Added Value'. I knw hw businesses culd add value t their prducts/services. (Cnvenience, branding, quality, design and unique selling pints). I can explain what an entrepreneur is. I can explain the rle f an entrepreneur is t; rganise resurces, make business decisins and taking risks. 1.2 Sptting a business pprtunity Custmer needs " # I can identify what custmer needs are; price, quality, chice and cnvenience. I understand the imprtance f identifying and understanding custmers: (I.e. generating sales, business survival).

2 Market Research " # I understand the purpse f market research; (t identify and understand custmer needs, t identify gaps in the market, t reduce risk, t infrm business decisins). I understand there are tw methds f market research; primary and secndary. I knw examples f primary research methds (e.g survey, questinnaire, fcus grup, bservatin) I knw examples f secndary research methds (internet, market reprts and gvernment reprts) I knw what qualitative data is. I knw what quantitative data is. I understand the difference f qualitative and quantitative data. I understand the rle f scial media in cllecting market research data. I understand the imprtance f the realibity f market research data. Market Segmentatin " # I understand what a target market is. I can identify market segments (i.e. lcatin, demgraphics, lifestyle, incme and age) The cmpetitive envirnment " # I understand what a cmpetitr is. I understand the term 'Cmpetitiveness'. I can identify strengths and weaknesses f cmpetitrs based n; price, quality, lcatin, prduct range and custmer service. I understand the impact cmpetitin can have n business decisin making. 1.3 Putting a business idea int practice Objectives " # I knw what business bjectives are. I knw what business aims are. I knw the difference between an aim and an bjective. I knw what financial bjectives are and can give examples. (e.g. survival, prfit, grwth, sales, market share, financial security). I knw what nn-financial bjectives are. (e.g. scial bjectives, persnal satisfactin, challenge, independence and cntrl).

3 Business revenues, csts and prfits " # I knw what Sales revenue is. I knw the frmula fr sales revenue. I knw what a fixed cst is. I knw what a variable cst is. I knw hw t wrk ut ttal csts. Estimating revenues, csts and prfits " # I knw what prfit is. I knw the frmula fr prfit. I knw what interest is. I knw the frmula t calculate the interest. I knw what break-even is. I knw the frmula t wrk ut break-even. I can interpret a break even diagram by labelling the break-even pint, prfit and lss. I can describe the impact f changes in revenue n csts and the break-even utput. I knw what the margin f safety is. Cash and Cash flw " # I knw why cash is imprtant t a business (t pay suppliers, verheads, emplyees, business failure (inslvency)). I knw the difference between cash and prfit. I knw what 'cash flw' means. I knw what a cash flw frecast is. I can calculate and cmplete cash flw frecasts. I can list cash inflws I can list cash utflws. I can calculate net cash. I can calculate pening and clsing balances. Surces f business finance " # I knw why businesses may need surces f finance. I knw what a shrt-term surces f finance is (i.e. verdraft and trade credit). I knw what a lng-term surces f finance is (i.e. persnal savings, venture capital, share capital, lans, retained prfit and crwd funding).

4 1.4 Making business start-up effective The ptins fr start-up and small businesses " # I knw what unlimited liability is. I knw what limited liability is. I understand the implicatins fr the business wner(s) f limited and unlimited liability. I knw what a sle trader is. I knw the advantages and disadvantages f sle traders. I knw what a partnership is. I knw the advantages and disadvantages f partnerships. I knw what a private limited cmpany is. (Ltd). I knw what a public limited cmpany is. (Plc) I knw the advantages and disadvantages f bth types f limited cmpany. I knw what a franchise is. I knw the advantages and disadvantages f franchises. Business Lcatin " # I understand that there are factrs which wuld influence a business lcatin. A business may need t be near their market, near labur, near raw materials, and near cmpetitrs. The lcatin depends f the nature f the business. The lcatin depends n the impact f the internet n lcatin decisins e- cmmerce and/r fixed premises. The Marketing Mix " # I knw what the marketing mix is. I knw the imprtance f each element in the marketing mix; price, prduct, place, prmtin I knw hw each element f the marketing mix wrk tgether I knw hw businesses can balance the marketing mix based n the cmpetitive envirnment. I knw the impact f changing custmer needs n the marketing mix. I knw the impact f technlgy n the marketing mix: e-cmmerce, digital cmmunicatin. Business Plans " # I knw what a business plan is. I knw what a business plan cntains; utline f business idea, business aims and bjectives, descriptin f target market, evidence f market research, frecast f revenue, cst and prfit; cash-flw frecast, surces f finance; lcatin; descriptin f marketing mix. I understand the rle and imprtance f a business plan when btaining finance.

5 1.5 Understanding the ecnmic cntext Market Demand and Supply " # I understand the term 'cmmdity markets'. I understand the terms 'demand' and 'supply'. I understand that the price f cmmdity markets depend n demand and supply. I can explain the difference between cmmdity markets and nrmal markets. I can explain the effect n small firms f price changes in raw materials and energy csts. Interest rates " # I can define an interest rate. I can explain hw changing interest rates affect small firms which tend t rely n verdrafts and lans fr finance. I can analyse the impact f changing interest rates n cnsumer spending. Exchange Rates " # I can explain what an exchange rate is. I can explain hw changes in the /$ r / affect small firms that trade abrad r face cmpetitin frm abrad. I can analyse the impact f changing exchange rates n the price f imprted and exprted gds. I can calculate exchange rates n prduct prices. The Business Cycle " # I understand the term 'ecnmic grwth'. I understand that ecnmic activity tends t rise (bm) and fall (recessin). I understand that as the ecnmic activity changes it can have serius effects n small businesses. Stakehlders " # I understand the term 'stakehlder'. I can list stakehlders fr a business. I can explain hw business decisins may impact n different stakehlders. I understand hw there may be a cnflict f interest between stakehlders.