Transcript AQA GCSE BUSINESS STUDIES

AQA GCSE BUSINESS STUDIES
EXAM PREPARATION
THE BIG EXAM SECRET!
• There is a trick to passing exams!
• It is called exam technique
• It is not just about what you know or don’t
know
• It is about following some simple rules.
EXAM TECHNIQUE RULES
1. Read any case study / information you are given
and underline or highlight important bits.
2. Read the question and underline key terms.
3. When you answer the question – make sure that
you mention something from the case study.
4. Make one point for each mark available.
5. PEE to get the higher marks – Point; Evidence;
Explain
Little Shoots Ltd – Location Question
• Explain the possible benefits to LS Ltd of the location of its
garden centre. (5 marks)
• It says in the case study that….. it is located on the edge of
a large town.
• This is an advantage because …… it means that there are a
lot of potential customers nearby.
• Another advantage is that…… it has a large free car park.
• This is an advantage because….. it will encourage people to
drive there without worrying about parking costs.
• The impact of these location factors should be to attract
more customers and increase profits.
The Profit Rule
• PROFIT impacts on most business decisions.
• In MOST Business Studies questions you will be able to get marks
for using PROFIT as your JUSTIFICATION e.g.
• Level 2 Students should put in steps between the issue e.g. poor
customer service and the effect on profit:
L1 Answer: The result of poor customer service will be less
customers, leading to less profit.
L2 Answer: Poor customer service will lead to a poor reputation, will
lead to fewer customers, will lead to lower profit, will lead to business
closing down.
Try These:
• Poor quality will lead to …….
• Good quality will lead to ……….
• Good customer service will lead to ………..
The costs rule
• Most Business Decisions will have financial
COSTS. You will get marks in the exam for
identifying any of these:
• A disadvantage of (e.g.) primary research is the
cost.
• A disadvantage of (e.g.) building a new office is
the cost.
• A disadvantage of advertising is the cost.
• A disadvantage of ……………… is the cost
Ownership
Type of
Ownership
• Sole Trader
• Partnership
• Limited
Company
(Ltd)
• Franchise
Need to:
• Define
• Advantages
• Disadvantages
• You must understand Limited
Liability & Unlimited Liability
Business Objectives
• All businesses have the
following objectives:
• Survival
• Profit
• Grow
• Good Customer Service
• Good Reputation
Ethical (Social) Aims:
• Recycle
• No Pollution
• Pay good wages
Why do businesses have aim
& objectives?
• Something to aim towards.
• Give workers a focus
• Attracts customers
Social Costs & Benefits:
• Good & Bad effects of
business on society
• E.g. M&S Plan A
Business Planning
Why do you need a
business plan?
• Identify your targets &
goals
• Identify what staff you
need
• Identify what equipment
you need
• Identify financial needs
• Helps you to get a loan
Contents of a business plan:
• Business Name
• Business Ownership
• Business Activities
• Aims & Objectives
• Product Details
• Location
• Staff
• Marketing
• Competition
• Finance
Business Location
Location Factors include the following:
- Cost of land / building
- Closeness to customers
- Closeness to competitors
- Transport links & parking
- Supply of workers
Stakeholders – Any group connected
with a business.
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Internal Stakeholders:
Owners / Shareholders
Workers
Managers
External Stakeholders:
Customers
Community
Competitors
Suppliers
Government
Families
• For each stakeholder:
1. Why are they
stakeholders?
2. How are they affected
by the firm?
3. How can they influence
the firm?
Business Finance
•
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Sources of Finance:
Bank Loan
Overdraft
Mortgage
Friends & Family
Own Savings
Government Grant
Sell Shares
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Need to:
- Definition
Advantages
Disadvantages
Cash-Flow Forecast:
- Purpose
- Read & Interpret
- How can you improve cash
flow?
Financial Terms:
- Price
- Sales
- Revenue
- Costs
- Profit/Loss
Marketing
• Market Research Methods:
- Primary Research
- Secondary Research
- Target Market
- Niche Market / Gap in
Market
- Give definitions
- Give advantages &
disadvantages
• 4Ps – Marketing Mix
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Product
Price
Place
Promotion
- Give definitions & examples
of each
People in Business
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Recruitment Methods:
Internal
External
Recruitment Process
Legal issues:
- Equality Laws
- Minimum Wage
- Health & Safety Laws
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Motivating Staff:
Monetary benefits
Non-Monetary benefits
Intrinsic rewards
Job Enrichment
Job Rotation
Customer Service
• Benefits of Customer
Service
• Effects of Customer
Service Laws
• How ICT has affected
customer service
Production Methods
• Need to know:
• Job Production
• Batch Production
• Flow Production
• Definitions
• Advantages &
Disadvantages
• Quality Control:
1. Why is quality
important?
2. How can a business
carry out quality
control?
3. Consumer Protection
Laws
9 Mark Question Tips
• You will always get a choice of 2 or more options. You
need to give:
• Advantage(s) & Disadvantage(s) of Option 1
• Advantage(s) & Disadvantages of Option 2 / 3 / 4
• Conclusion – Choose one of the options as the one to
recommend.
• Link your answer to the case study info!!!
• Do NOT make a conclusion at the beginning!!
• Level 1 Answer – LIST advs & disadvs & STATE a
conclusion – max = 5/9
• Level 2 Answer – EXPLAIN WHY they are advs & disadvs &
JUSTIFY your conclusion- max 9/9 