Your journey to excellence in
Business
By Revision Genie
Let's master Business together!What Enterprise Means
What SMEs Are
Needs, Wants and Business Opportunities
Spotting Business Opportunities in Real Markets
The Entrepreneur’s Role in Starting Up
The Entrepreneur’s Role in Running and Growing a Business
Financial Motives of Entrepreneurs
Non-Financial Motives of Entrepreneurs
Entrepreneurial Skills and Characteristics
Why Entrepreneurs Matter to the UK Economy
Entrepreneurs and SMEs in Primary, Secondary and Tertiary Sectors
How SMEs Affect Other Businesses
How SMEs Affect the Wider Economy
Who Stakeholders Are
Stakeholder Groups in a Small Business Context
How Stakeholders Are Affected by Business Decisions
Why Businesses Write Business Plans
The Main Sections of a Business Plan
Interpreting a Business Plan for a Start-Up
Strengths and Limitations of Business Plans
Using Business Plans to Attract Finance
Using Business Plans to Reduce Risk
Sources of Advice and Guidance for Entrepreneurs
Using Market Information in a Business Plan
Using Cost and Revenue Estimates in a Business Plan
Evaluating the Importance of Planning for SMEs
What a Market Is
What Competition Means in Business
Local and Global Markets
Mass and Niche Markets
Trade and Consumer Markets
Product and Service Markets
Seasonal Markets and Demand Patterns
Market Size, Market Share and Market Growth
Reading and Interpreting Market Trend Data
Market Segmentation: What It Is
How Markets Are Segmented
Why Segmentation Matters to Businesses
Impacts of Segmentation on Customers
Market Structures: Perfect Competition
Market Structures: Monopolistic Competition
Market Structures: Oligopoly
Market Structures: Monopoly
How Market Structure Shapes Business Behaviour
Why Consumers May Need Protection
Demand, Supply and Equilibrium: Key Ideas
Shifts in Demand: Causes and Effects
Shifts in Supply: Causes and Effects
Drawing and Interpreting Demand and Supply Diagrams
Changes in Equilibrium Price and Quantity
Price and Income Elasticity as Concepts
Inferior, Normal and Luxury Goods
What Market Research Is
Why Businesses Carry Out Market Research
Primary vs Secondary Research
Qualitative vs Quantitative Data
Primary Research Methods Businesses Use
Secondary Research Sources Businesses Use
Choosing the Right Research Method for a Scenario
Reliability, Validity and Bias in Market Research
Interpreting Quantitative Research Findings
Interpreting Qualitative Research Findings
What Sampling Means
Random Sampling vs Quota Sampling
Sampling Bias and How to Reduce It
How Useful Sampling Is for Business Decisions
Evaluating Market Research for Different Stakeholders
Private Sector vs Public Sector
Private Sector Aims: Survival
Private Sector Aims: Growth
Private Sector Aims: Profit
Public Sector Aims and the Role of Government Provision
Comparing Public and Private Sector Roles
Sole Traders: Features and Suitability
Partnerships: Features and Suitability
Private Limited Companies: Features and Suitability
Public Limited Companies: Features and Suitability
Unlimited Liability vs Limited Liability
Choosing a Legal Structure: Key Factors
Pros and Cons of Different Legal Structures
Not-for-Profit Organisations: Core Features
Social Enterprises
Charities
Co-operatives and Societies
How Legal Structure Affects Stakeholders
Location Decisions for New Businesses: The Main Factors
Analysing Location Factors for Different Business Needs
Online vs Physical Location Decisions
Location Trade-Offs and Opportunity Cost
Evaluating Location Options for a Start-Up
How Location Affects Costs, Revenue and Competitiveness
Location and Stakeholders: Winners and Losers
Why SMEs Need Finance
Internal vs External Finance for SMEs
Owner’s Capital for Start-Ups
Bank Loans for SMEs
Overdrafts for SMEs
Trade Credit for SMEs
Crowdfunding and Other Modern Funding Routes
Business Angels and Venture Capital for SMEs
Leasing for SMEs
Grants and Other Support Schemes (as finance sources)
Choosing Finance: Cost, Risk and Control
Advantages and Disadvantages of Each Finance Source
Evaluating the Best Finance Mix for a Scenario
Revenue, Costs and Profit: Definitions
Fixed Costs
Variable Costs
Semi-Variable Costs
Direct Costs
Indirect and Overhead Costs
Total Costs
Calculating Revenue
Calculating Total Costs
Calculating Profit
Interpreting Revenue, Cost and Profit Figures
Impacts of Changing Costs and Revenues on Profit
Stakeholder Impacts of Profit Changes
What Contribution Means
Break-Even: What It Means
Calculating Break-Even Using Contribution
Drawing and Interpreting Break-Even Charts
Margin of Safety
Showing Cost/Revenue Changes on Break-Even Charts
Break-Even “What-If” Analysis
Limits of Break-Even Analysis
The Purpose of Marketing
Why Marketing Matters for Different Types of Business
Market Orientation
Product Orientation
Asset-Led Marketing
The Marketing Mix: Overview
Product: Product, Brand, USP and Differentiation
Product Portfolio Basics
The Product Life Cycle: Stages
Drawing and Interpreting the Product Life Cycle
Extension Strategies on the Product Life Cycle
Product Life Cycle and Cash Flow Links
Using the Product Life Cycle in Different Markets
Evaluating the Product Life Cycle as a Tool
The Boston Matrix: Stars, Cash Cows, Problem Children, Dogs
Using the Boston Matrix to Manage a Portfolio
Evaluating the Boston Matrix as a Tool
Pricing Strategies: Penetration Pricing
Pricing Strategies: Price Skimming
Pricing Strategies: Cost-Plus Pricing
Pricing Strategies: Competitive Pricing
Pricing Strategies: Psychological Pricing
Pricing Strategies: Contribution-Based Pricing
Choosing Pricing for Different Business Contexts
Promotion: What It Means
Above-the-Line Promotion
Below-the-Line Promotion
Choosing Promotions for Different Situations
Place: Distribution Channels
Multi-Channel Distribution
Choosing the Right Distribution Channel
Global Marketing and Global Brands
Adapting the Marketing Mix to Different Contexts
New Technology in Marketing: Digital Media and Social Media
E-tailing and M-commerce
How Technology Changes High Street Businesses
Evaluating Technology’s Impact on Marketing and Stakeholders
What the Finance Department Does
What a Budget Is
Why Businesses Use Budgets
Benefits and Drawbacks of Budgeting
Sources of Finance for Large and Established Businesses
Internal Finance for Larger Businesses
External Finance: Overdrafts and Loans
External Finance: Share Capital
External Finance: Venture Capital
External Finance: Leasing
External Finance: Trade Credit
External Finance: Debt Factoring
Choosing Appropriate Sources of Finance
Cash Flow: What It Means
What a Cash Flow Forecast Is
Constructing a Cash Flow Forecast
Interpreting Cash Flow Forecasts
Causes of Cash Flow Problems
Improving Cash Flow: Practical Strategies
Evaluating Cash Flow Improvement Strategies
Benefits and Limitations of Cash Flow Forecasting
The Income Statement: Purpose and Layout
Gross Profit and Net Profit Calculations
Improving Profit: Methods and Trade-Offs
Profitability Ratios: Gross Profit Margin
Profitability Ratios: Net Profit Margin
Using Profitability Ratios to Assess Performance
What the HR Function Does
Flexible Workforce: What It Means
Flexible Hours and Part-Time Work
Temporary Work, Job Sharing and Multi-Skilling
Zero Hours Contracts and Hot-Desking
Home Working and Hybrid Working
How Technology Changes Working Practices
Impacts of Flexible Working on Employees
Impacts of Flexible Working on Employers
Workforce Planning: What It Means
Why Skills and Staffing Levels Matter
Internal vs External Recruitment
Job Analysis
Job Description
Person Specification
The Recruitment Process Step-by-Step
Selection Methods: Interviews
Selection Methods: Work Trials
Selection Methods: Testing and Selection Exercises
Selection Methods: Telephone Interviews
Matching Selection Methods to Job Roles
Why Recruitment Decisions Matter to Stakeholders
Training: What It Is
Induction Training
On-the-Job Training
Off-the-Job Training
Apprenticeships
Evaluating Training Costs and Benefits
Appraisal: What It Is
Appraisal Methods: Superior’s Assessment
Appraisal Methods: Peer Assessment
Appraisal Methods: Self-Assessment
Appraisal Methods: 360 Degree Feedback
How Appraisal Benefits Employees and Employers
Workforce Performance: What It Means
Labour Productivity: Meaning and Importance
Absenteeism: Meaning and Impact
Labour Turnover: Meaning and Impact
Calculating Labour Productivity
Calculating Labour Turnover
Interpreting Workforce Performance Measures
Organisational Design: Meaning and Purpose
Authority and Responsibility
Chain of Command and Hierarchy
Span of Control and Delegation
Centralisation vs Decentralisation
Empowerment and Delayering
Hierarchical Structures: Tall vs Flat
Matrix Structures: Features and Uses
Pros and Cons of Changing Structures
Empowerment vs Control: Choosing an Approach
Motivation: Meaning and Benefits
Taylor’s Scientific Management
Mayo and Human Relations
Maslow’s Hierarchy of Needs
Herzberg’s Two-Factor Theory
Expectancy Theories: Vroom, Porter and Lawler
Financial Motivation: Piece Rate, Commission, Bonuses, Salary
Profit Sharing, Share Ownership and PRP
Non-Financial Motivation: Consultation and Job Design
Job Enlargement, Rotation and Enrichment
Team Working and Flexible Working as Motivation
Choosing Motivation Methods for Different Contexts
Management: Meaning, Functions and Roles
Management by Objectives (MBO)
McGregor’s Theory X and Theory Y
Leadership: Meaning and Purpose
Leadership Styles: Autocratic, Democratic, Paternalistic
Leadership Styles: Bureaucratic, Laissez-Faire
Leadership Theories: Fiedler
Leadership Theories: Wright and Taylor
Choosing Leadership Styles for Business Situations
Employer/Employee Relationships: What They Are
Duties and Rights at Work
Contracts of Employment
Health and Safety Responsibilities
Minimum Wage and Dismissal Basics
Equal Opportunities: What It Means
Impacts of Equal Opportunities on Employers and Employees
Trade Unions and Collective Bargaining
Pros and Cons of Trade Unions
Causes of Employer/Employee Conflict
Trade Disputes and Industrial Action
Resolving Conflict: Negotiation and Consultation
The Role of ACAS
Impacts of Conflict and Resolution on Stakeholders
What Operations Management Is
Operations in Different Types of Organisation
Added Value: What It Means
Calculating Added Value
How Businesses Increase Added Value
Why Added Value Matters to Stakeholders
Production Methods: Job Production
Production Methods: Batch Production
Production Methods: Flow Production
Choosing the Best Production Method
Productivity: What It Means
Measuring Productivity
Ways to Increase Productivity
Impacts of Productivity Changes
Capacity Utilisation: What It Is
Calculating Capacity Utilisation
Interpreting Capacity Utilisation Results
Capacity Utilisation: Impacts on Stakeholders
Technology in Operations: Overview
Information Technology in Operations
CAD: Computer-Aided Design
CAM: Computer-Aided Manufacturing
Robotics and Automation
Stakeholder Impacts of New Technology
Lean Production: What It Means
Kaizen and Continuous Improvement
Just-in-Time in Lean Production
Cell Production
Time-Based Management
Evaluating Lean Production in Real Businesses
Quality: What It Means
Why Quality Matters
Quality Control vs Quality Assurance
Total Quality Management (TQM): Overview
Quality Chains
Empowerment and Teamwork in TQM
Zero Defects and Quality Circles
Benchmarking for Quality Improvement
Evaluating the Value of Quality Systems
Purchasing and Working with Suppliers
Stock Control: Meaning and Purpose
Problems of Too Much vs Too Little Stock
Traditional Stock Control Methods
JIT Stock Control
Computerised Stock Control
Interpreting Stock Control Diagrams
Re-order Level, Lead Time, Buffer Stock and Minimum Stock Level
Innovation, Research and Development: Definitions
The Product Design and Development Process
Costs of Innovation and R&D
Benefits of Innovation and R&D
Evaluating R&D Decisions
Economies of Scale: What They Are
Internal Economies of Scale: Types
External Economies of Scale
How Economies of Scale Lower Unit Costs
Diseconomies of Scale: Causes
Problems from Internal Diseconomies of Scale
Why Small Firms Survive
Evaluating Scale Effects on Stakeholders
Presenting Business Data Clearly
Interpreting Business Data Accurately
Analysing Data to Support Decisions
Pie Charts in Business Contexts
Histograms in Business Contexts
Index Numbers: Meaning and Interpretation
Analysing Quantitative Market Research Data
Analysing Qualitative Market Research Data
Turning Research into Strategic Insight
Price Elasticity of Demand: Calculations
Income Elasticity of Demand: Calculations
Interpreting Elasticity Values
Elasticity and Revenue Impacts
Price Changes and Revenue: Evaluation
Income Changes and Revenue: Evaluation
What Sales Forecasting Is
Why Businesses Forecast Sales
Reliability of Forecasts: Main Influences
Quantitative vs Qualitative Forecasting
Three-Point Moving Average: Calculation
Time Series Analysis: Interpretation
Scatter Graphs and Lines of Best Fit
Correlation: Positive, Negative and None
Extrapolation for Predicting Future Values
Using Forecasts to Plan Capacity and Stock
Qualitative Methods: Intuition
Qualitative Methods: Brainstorming
Qualitative Methods: Delphi Method
Pros and Cons of Qualitative Forecasting
Evaluating Forecasting for Stakeholders
What a Budget Variance Is
Calculating Budget Variances
Analysing Budget Outcomes
Using Variances to Improve Performance
Balance Sheet: Purpose and Layout
Working Capital: Meaning and Calculation
Capital Employed: Meaning and Calculation
Depreciation: Straight Line Method
Interpreting Balance Sheet Information
ROCE: Calculation and Interpretation
Current Ratio: Calculation and Interpretation
Acid Test Ratio: Calculation and Interpretation
Gearing Ratio: Calculation and Interpretation
Using Income Statements and Balance Sheets Together
Comparing Accounts Over Time
Comparing Accounts Between Businesses
Evaluating Financial Position Overall
Window Dressing and Limits of Accounts
External Factors Affecting Accounts (Demand and Inflation)
Why Non-Financial Measures Matter
Customer Attitude Surveys
Employee Attitude Surveys
Market Share as a Performance Measure
Productivity as a Performance Measure
Environmental Record as a Performance Measure
Choosing Appropriate Non-Financial Measures
Vision Statements and Business Direction
Aims: What They Are and Why They Matter
Objectives: What They Are and How They Support Aims
SMART Objectives
Mission Statements: Purpose and Use
Evaluating Vision, Mission and Objectives for Stakeholders
Objectives and Strategy: The Link
Strategy: What It Means in Business
Corporate Strategy vs Divisional Strategy
Functional Strategy
Strategy vs Tactics
Corporate Plans: Purpose and Content
SWOT Analysis: Building a SWOT
SWOT Analysis: Using SWOT to Make Decisions
Porter’s Five Forces: Overview
Applying Five Forces to a Market
Evaluating Strategy and Corporate Plans
Ansoff Matrix: Understanding the Four Strategies
Applying Ansoff to a Business Context
Evaluating the Usefulness of Ansoff
Horizontal Integration: Meaning and Rationale
Vertical Integration: Meaning and Rationale
Pros and Cons of Horizontal and Vertical Integration
Organic Growth vs External Growth
Pros and Cons of Organic Growth
Mergers and Takeovers: Evaluation
Franchising as a Growth Method
Comparing Growth Methods for a Scenario
Rationalisation: Meaning and Reasons
Location/Relocation Decisions in Strategy
Evaluating Relocation and Rationalisation Impacts
Outsourcing Production: Meaning and Motives
Evaluating Outsourcing: For and Against
Strategic, Tactical and Operational Decisions
Why Decision-Making Is Central to Business
Scientific vs Intuitive Decision Tools
Decision Trees: Purpose and Use
Constructing Decision Trees
Interpreting Decision Tree Outcomes
Evaluating Decision Trees: Strengths and Weaknesses
Critical Path Analysis (CPA): Purpose and Use
Completing CPA Diagrams
Interpreting CPA Results
Evaluating CPA: Strengths and Weaknesses
Cost Benefit Analysis (CBA): Purpose and Use
Carrying Out CBA Step-by-Step
Interpreting CBA Outcomes
Evaluating CBA: Strengths and Weaknesses
Choosing the Best Tool for a Decision
Information Technology in Decision-Making
What Investment Appraisal Is
Why Businesses Use Investment Appraisal
Payback: Calculating in Years and Months
Payback: Interpreting and Decision Rules
ARR: Calculation
ARR: Interpretation and Decision Rules
Discounted Cash Flow: Core Idea
NPV: Using Discount Factors
NPV: Interpretation and Decision Rules
Comparing Payback, ARR and NPV
Quantitative vs Qualitative Factors in Investment Decisions
Making Recommendations Using Investment Data
What Special Orders Are
Contribution and Special Order Decisions
Calculating Contribution for a Special Order
Advising Whether to Accept a Special Order
Risks and Qualitative Issues in Special Orders
Why Businesses Experience Change
Internal Causes of Change
External Causes of Change
Planned Change vs Unplanned Change
Impacts of Change on Production Methods and Equipment
Impacts of Change on Product Development
Legal Compliance as a Driver of Change
Retraining and Workforce Changes
Finding New Markets After Change
Why Managing Change Matters
Storey’s Four Approaches to Managing Change
Why People Resist Change
Lewin’s Three-Step Change Process
Organisational Culture and Change
Leadership’s Role in Managing Change
Evaluating Whether Change Management Worked
Change Impacts on Stakeholders
What Business Risk Is
Natural Disaster Risks
Technology and Equipment Failure Risks
Employee Error Risks
Supply Chain Risks
Economic Risks
Legal Risks
PR Risks
Product Failure Risks
Likelihood vs Impact in Risk Decisions
Risk Assessment as a Prevention Tool
Preventative Actions: Practical Examples
Insurable vs Uninsurable Risk
Contingency Planning: What It Is
Crisis Management: What It Is
Contingency Funds and Financial Resilience
Alternative Production Arrangements
Allocating Responsibilities During Crises
Managing Public Relations in a Crisis
Evaluating Risk Responses
Importance of Risk Management for Stakeholders
How Political Factors Affect Business
Government and a Stable Business Framework
Taxation and Subsidies: Business Impacts
Fiscal Policy and Business Decisions
Monetary Policy and Business Decisions
Why Governments Regulate Business
Government as a Major Purchaser
Evaluating Government–Business Relationships
How Economic Factors Affect Business
Economic Growth and GDP
The Business Cycle: Boom, Recession and Recovery
Inflation: Meaning, Measurement and Causes
Interest Rates and Business Activity
Exchange Rates and Import/Export Competitiveness
Unemployment and Business Impacts
Evaluating Economic Impacts on Stakeholders
Demographic Change: Meaning and Examples
Demographics and Market Demand
Consumer Tastes and Lifestyle Changes
Cultural Changes and Business Opportunities
Evaluating Social Change Impacts on Stakeholders
Business Ethics: Meaning
Ethical Issues: Environment
Ethical Issues: Animal Rights
Ethical Issues: Treatment of Workers
Ethical Issues: Supplier Relationships
Ethical Issues: Customer Treatment
Corporate Social Responsibility (CSR): Meaning
Ethics vs Profitability: Managing Trade-Offs
Profit Impacts of Ethical Objectives
Evaluating a Business’s Ethics from Stakeholder Views
The Purpose of Business Law and Regulation
Company Law: Key Areas for Businesses
Employment and Anti-Discrimination Law: Core Issues
Consumer Protection: Why It Matters
Competition Policy: Preventing Unfair Practice
Health and Safety: Business Responsibilities
Data Protection: Business Responsibilities
Intellectual Property: Protecting Ideas and Brands
Minimum Wage: Impacts on Business Decisions
Evaluating How Legislation Affects Stakeholders
Environmental Costs: Air, Water and Noise Pollution
Environmental Costs: Climate Change
Environmental Costs: Congestion
Environmental Costs: Habitat Destruction
Environmental Costs: Waste Disposal
Government Intervention to Control Environmental Costs
Pressure Groups and Business Behaviour
Education and Changing Consumer Expectations
How Businesses Respond to Environmental Issues
Evaluating Business Impacts on the Environment
Environmentally Friendly Policies: Costs and Benefits
What International Trade Is
Why Countries and Firms Trade
Free Trade: Meaning and Effects
Protectionism: Meaning and Reasons
Tariffs and Quotas
Trading Blocs and Single Markets
Free Trade vs Protectionism: Stakeholder Evaluation
Challenges of Entering International Markets
Evaluating Whether to Expand Internationally
Globalisation: What It Means
Global Markets and Developing Markets
Drivers of Globalisation: Technology and Communication
Drivers of Globalisation: Liberalised Trade
Drivers of Globalisation: The Internet
Drivers of Globalisation: Transport Costs
Drivers of Globalisation: Converging Tastes
Globalisation’s Impacts: Competition and Growth
Strategies for Global Growth: Global Branding
Strategies for Global Growth: External Growth
Choosing Target Markets Internationally
Evaluating Global Growth Strategies
Benefits for UK Businesses in Global Markets
Difficulties for UK Businesses in Global Markets
Glocalisation: Adapting to Local Needs
Evaluating Globalisation for UK Stakeholders
Multinational Companies: What They Are
Why Multinationals Exist
Evaluating Becoming a Multinational
Impacts of Multinationals on Host Countries
The EU: Nature and Purpose
The Single European Market: What It Means
Free Movement of Goods, Labour and Capital
EU Legislation, Regulations and Standards
Evaluating EU Impacts on Businesses and Stakeholders
The Euro: What It Is
The Eurozone: What It Is
Costs and Benefits of the Euro for Businesses
Impacts for UK Businesses of EU and Eurozone Membership
Impacts of Non-Membership