Personalised Learning Checklist for Business Studies The outline below shows the overview for the Business Studies course You can use this PLC in a number of ways: 1) Tick off the topics as they are covered 2) Help to keep your notes in a logical order 3) At the end of each topic review your confidence levels in each topic area (Red / Amber / Green) 4) Topics which are in grey highlight will only be ined on Paper 2 5) Incorporate this topic list into your revision for the s to ensure each topic is reviewed and covered. Name: Ownership Sole Trader Partnership LTD (Small) Franchises LTD (Private Limited Companies) PLC (Public Limited Companies) Entrepreneurs why start a business, qualities Gap in the Market Expanding a Business Benefits of risks and expansion Conflict between stakeholder Methods of expansion Aims and Objectives ples of Aims : Profit Survival Quality product Quality customer service Environmental Objectives How to measure success Reasons for changing Aims and Objectives Ethical and Environmental reasons Profit Quality product Quality customer service How to measure success
Stakeholders groups or individuals with an interest in a company. When it grows the interest might change ples of Stakeholders: Owners Employees Directors Banks Pressure Groups Customers Suppliers Inland Revenue (Tax man) Business Planning What s included in a business plan Eg: Mission/Aims Objectives Competition Product/Service Marketing plan Funding where will it get the money Financial forecasts eg cash flow, profit & loss Timescales Risk of business setting up a business Location Factors influencing location include: Raw materials Transport Labour Competition Technology Target market Costs The importance of location to growing business Issues relating to overseas location Additional notes
Market Research Primary research different types Secondary research different types Reasons for market research Market research for limited budgets Marketing Mix 4P s Product eg Size, shape, quality, taste, design, how to alter design to meet needs Price skimming, penetrative, loss leader, promotional, cost plus, competitive To understand the relationship between price and demand and effect on small business Pricing decisions for growth Promotion; Methods suitable for a small business, given a limited budget eg advertising in local newspapers, internet, word of mouth and business cards Promotion; Promotional activities to enable growth, selecting the promotional mix Place Recognise the importance of e commerce (internet) to small business, how it can reach international and national markets. Channels of distribution to enable growth Selecting channels of distributions Product Life cycle Introduction Growth Maturity Saturation Decline Extension strategy/ies Technology impact of the internet on small businesses Customer Service Importance of customer service Consumer protection Impact of ICT on customer service
Usually started after the ination Operation Management Production Production methods Job Batch Flow Efficiency Just in Time, TQM Total Quality Management To improve Quality Efficient production methods eg Specialisation, division of labour Lean production techniques (Just in Time) Quality Monitoring Quality Assurance Identifying quality problems Methods of maintaining consistent quality (Total Quality management) Growth Advantages of Growth Disadvantages of growth (eg longer chain of command and complex production process) Additional notes
List of Topics to Revise for Usually completed in Recruitment Small Business The need for recruitment Recruitment Full time or part time Remuneration Payment to staff Salary Wages Bonus Monetary and non-monetary (fringe) benefits Motivation Benefits to the business of motivated staff Methods of motivation used by small business Recruitment The need for recruitment for large business The staff recruitment process Appraisal Training (on the job and off the job) Methods of motivation Retention of staff Types of leadership styles Organisational charts Flat and Tall Centralised and De-centralised Legislation protecting staff Equal pay and minimum wage Discrimination Employment rights Health and Safety
List of Topics to Revise for Usually completed in Finance Financial Calculation for a small business Sales Revenue Total Costs Profit or loss Types of advice for a small business Sources of finance for a small business For ple: Overdraft, Loans, Mortgages, loans from friend and family grants Sources of finance for large business Eg Overdraft, Loans, Mortgages, loans, sell assets, retained profits new share issue Cashflow Interpret simple cash flow The importance of cash flow Identify solutions to improve cash flow eg reduce repayments, increase payment schedule to suppliers increase price Financial Calculation for large businesses Acid test Current Asset Gross profit Margin Net Profit Margin Balance Sheet