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Business

subject overview

Learners are introduced to the dynamic nature of business in relation to how and why business ideas come about. They also explore the impact of risk and reward on business activity and the role of entrepreneurship.

This enhanced knowledge will help learners to apply their understanding to any given business scenario and a wider acknowledgement in the real world

unit overview -  unit 1.1

Subject: Business 1.1

Skills

Discuss how and why products come about

Explain why products are new or adapted.  Give examples of new and

adapted products

Recall the risks and rewards for an entrepreneur

Question why someone would choose to become an entrepreneur

Evaluate whether is important to meet customer needs or develop a unique

product

Answer  6,9 & 12 mark exam questions

Knowledge

The dynamic nature of business  - why and how new business ideas come about

Risk and reward – the impact of risk and reward on business activity

The role of business enterprise – the purpose of business activity and the role of entrepreneurship

Rationale

Enterprise and entrepreneurship – Learners are introduced to the dynamic nature of business in relation to how and why business ideas come about. They also explore the impact of risk and reward on business activity and the role of entrepreneurship.

This enhanced knowledge will help learners to apply their understanding to any given business scenario and a wider acknowledgement in the real world. Furthermore, learners will be able to answer GCSE Theme 1 Examination questions.

unit overview - unit 1.2

Subject: Business 1.2

Skills

Define market research (primary and secondary)

Recall the methods of primary and secondary research

Know the difference between qualitative and quantitative data

Identify market segments

Create a SWOT analysis for a business

Answer  6,9 & 12 mark exam questions

Knowledge

Customer needs – identifying and understanding customer needs

Market research – the purpose, methods and the use of data in market research

Market segmentation – how businesses use market segmentation to target customers

The competitive market environment – understanding the strengths and weaknesses of competitors, and the impact of competition on businesses.

Rationale

Spotting a business opportunity – Learners will explore how new and small businesses identify opportunities through understanding customer needs and conducting market research. They will also focus on understanding the competition.

This enhanced knowledge will help learners to apply their understanding to any given business scenario and a wider acknowledgement in the real world. Furthermore, learners will be able to answer GCSE Theme 1 Examination questions.

unit overivew - unit 1.3

Subject: Business 1.3

Skills

Identify the difference between an aim and objective

Recall financial and non-financial objectives

Calculate – revenue, fixed variable and total costs, profit and loss, interest, break-even level of output and margin of safety

Interpret break- even diagrams

Explain what will happen if a business’s cash outflows are greater than its cash inflows

Calculate and interpret cash-flow forecasts

Describe the short and long term sources of finance

Answer  6,9 & 12 mark exam questions

Knowledge

Business aims and objectives – what business aims and objectives are, business aims and objectives when starting up a business, and why aims and objectives differ between businesses

Business revenues, costs and profits – the concept and calculation of key financial aspects of running a business and the interpretation of break-even diagrams

Cash and cash flow – the importance of cash to a business and the calculation and interpretation of cash flow forecasts

Sources of finance  - sources of finance for a start-up or established small business

Rationale

Putting a business idea into practice – this topic focuses on making a business idea happen through identifying aims and objectives and concentrating on the financial aspects.

This enhanced knowledge will help learners to apply their understanding to any given business scenario and a wider acknowledgement in the real world. Furthermore, learners will be able to answer GCSE Theme 1 Examination questions.

unit overview - unit 1.4

Subject: Business 1.4

Skills

State the difference between unlimited and limited liability

Recall different types of business ownership

Explain the difference between, franchise, franchisee and franchisor

Analyse the benefits and drawbacks of running a franchise

Recognise factors that influence a business’s location

State the elements of the marketing mix

Discuss the impact of changing consumer needs and technology on the marketing mix

Write a list of the components of a business plan

Answer 6, 9 & 12 mark exam questions

Knowledge

The options for start-up and small businesses- the concept of limited liability, the types of business ownership for business start- ups and the option of starting up and running a franchise operations

Business location – Factors influencing business location

The marketing mix – what the marketing mix is, the importance of each element of the marketing mix and how the elements of the marketing mix work together

Business plans – the role and importance of a business plan and the purpose of planning business activity

Rationale

Making the business effective – Learners will explore a range of factors that impact on the success of the business, including location, the marketing mix and the business plan.

This enhanced knowledge will help learners to apply their understanding to any given business scenario and a wider acknowledgement in the real world. Furthermore, learners will be able to answer GCSE Theme 1 Examination questions

unit overview - unit 1.5

Subject: Business 1.5

Skills

List the main 8 stakeholders

Describe how legislation can lead to increase in costs for businesses

Identify possible conflicts between stakeholders

List the different types of technology used by businesses and discuss the influence it has on business activity

Describe the principles of consumer and employment law that influence a business

Discuss how legislation can lead to increases in costs for business’s

Describe how the value of the pound becoming lower or weaker  may benefit a business

Explain how the rise/ fall in interest rates impact on the cost of borrowing

Discuss how do exchange rates affect businesses?

Answer  6, 9 & 12 mark exam questions

Knowledge

Business stakeholders – who business stakeholders are and their different objectives, and the relationship between stakeholders and businesses

Technology and businesses – different types of technology used by business and how technology influences business activity

Legislation and business – the purpose of legislation and the impact of legislation on businesses  

The economy and business – the impact of the economic climate on businesses

External influences – the importance of external influences on business

Rationale

Understanding external influences on business – Learners are introduced to a range of factors, many of which are outside of the immediate control of the business, such as stakeholders, technology, legislation and the economy. Students will explore how businesses respond to these influences.

This enhanced knowledge will help learners to apply their understanding to any given business scenario and a wider acknowledgement in the real world. Furthermore, learners will be able to answer GCSE Theme 1 Examination questions