Your journey to excellence in
By Revision Genie
Enterprise and entrepreneurship
Unit 1
Why new business ideas happen: changes in technology
Why new business ideas happen: changes in what consumers want
Why new business ideas happen: products and services becoming obsolete
How new business ideas happen: original ideas
How new business ideas happen: adapting existing products, services or ideas
What business risk means for owners
Types of risk: business failure
Types of risk: financial loss
Types of risk: lack of security
What business reward means for owners
Types of reward: business success
Types of reward: profit
Types of reward: independence
What business enterprise means
Why businesses exist: producing goods or providing services
Why businesses exist: meeting customer needs
What “adding value” means in business
Ways businesses add value: convenience
Ways businesses add value: branding
Ways businesses add value: quality
Ways businesses add value: design
Ways businesses add value: unique selling points
What an entrepreneur does: organising resources
What an entrepreneur does: making business decisions
What an entrepreneur does: taking risks
Unit 2
Spotting a business opportunity
What customer needs are: price
What customer needs are: quality
What customer needs are: choice
What customer needs are: convenience
Why understanding customers matters: generating sales
Why understanding customers matters: business survival
The purpose of market research: identify and understand customer needs
The purpose of market research: identify gaps in the market
The purpose of market research: reduce risk
The purpose of market research: inform business decisions
Primary research methods: surveys
Primary research methods: questionnaires
Primary research methods: focus groups
Primary research methods: observation
Secondary research methods: internet sources
Secondary research methods: market reports
Secondary research methods: government reports
Quantitative data in market research: what it is and why it’s useful
Qualitative data in market research: what it is and why it’s useful
How social media can be used to collect market research data
Reliability in market research: why accuracy and bias matter
What market segmentation means
Segmenting by location
Segmenting by demographics
Segmenting by lifestyle
Segmenting by income
Segmenting by age
Using market mapping to spot gaps in the market
Using market mapping to understand competitors
Assessing competitors: price
Assessing competitors: quality
Assessing competitors: location
Assessing competitors: product range
Assessing competitors: customer service
How competition affects business decision making
Unit 3
Putting a business idea into practice
What business aims are
What business objectives are
Financial aims and objectives for start-ups: survival
Financial aims and objectives for start-ups: profit
Financial aims and objectives for start-ups: sales
Financial aims and objectives for start-ups: market share
Financial aims and objectives for start-ups: financial security
Non-financial aims and objectives for start-ups: social objectives
Non-financial aims and objectives for start-ups: personal satisfaction
Non-financial aims and objectives for start-ups: challenge
Non-financial aims and objectives for start-ups: independence and control
Why aims and objectives differ between businesses
What revenue is and how to calculate it
Fixed costs: what they are and examples
Variable costs: what they are and examples
Total costs: what they are and how to calculate them
Profit and loss: what they mean and how to calculate them
Interest on borrowing: what it is and how to calculate it
Break-even output: what it means
Break-even output: how to calculate it
Margin of safety: what it means
Margin of safety: how to calculate it
Break-even diagrams: identifying break-even point
Break-even diagrams: identifying profit and loss areas
Break-even diagrams: reading margin of safety
Break-even diagrams: impact of changes in revenue
Break-even diagrams: impact of changes in costs
Why cash is important: paying suppliers
Why cash is important: paying overheads
Why cash is important: paying employees
Insolvency: why running out of cash can cause failure
Cash vs profit: how they are different
Cash-flow forecasts: what cash inflows are
Cash-flow forecasts: what cash outflows are
Cash-flow forecasts: calculating net cash flow
Cash-flow forecasts: calculating opening and closing balances
Interpreting a cash-flow forecast to spot problems
Short-term finance: overdrafts
Short-term finance: trade credit
Long-term finance: personal savings
Long-term finance: venture capital
Long-term finance: share capital
Long-term finance: loans
Long-term finance: retained profit
Long-term finance: crowdfunding
Unit 4
Making the business effective
Limited liability: what it means
Unlimited liability: what it means
Limited vs unlimited liability: implications for owners
Business ownership: sole trader (features)
Sole trader: advantages and disadvantages
Business ownership: partnership (features)
Partnership: advantages and disadvantages
Business ownership: private limited company (features)
Private limited company: advantages and disadvantages
What a franchise is
Franchising: advantages for the franchisee
Franchising: disadvantages for the franchisee
Franchising: advantages for the franchisor
Franchising: disadvantages for the franchisor
Location factor: proximity to the market
Location factor: proximity to labour
Location factor: proximity to materials
Location factor: proximity to competitors
Location decisions and the nature of the business activity
How e-commerce changes location decisions
Fixed premises vs online-only: choosing the right approach
What the marketing mix is
Product in the marketing mix: why it matters
Price in the marketing mix: why it matters
Promotion in the marketing mix: why it matters
Place in the marketing mix: why it matters
Balancing the marketing mix in a competitive environment
Changing consumer needs and the marketing mix
Technology and the marketing mix: e-commerce
Technology and the marketing mix: digital communication
What a business plan is and why it matters
Business plan section: the business idea
Business plan section: aims and objectives
Business plan section: target market and market research
Business plan section: forecast revenue, costs and profit
Business plan section: cash-flow forecast
Business plan section: sources of finance
Business plan section: location
Business plan section: marketing mix
How planning reduces risk
How a business plan helps to obtain finance
Unit 5
Understanding external influences on business
Who stakeholders are in business
Stakeholders: owners or shareholders
Stakeholders: employees
Stakeholders: customers
Stakeholders: managers
Stakeholders: suppliers
Stakeholders: local community
Stakeholders: pressure groups
Stakeholders: government
How stakeholders are affected by business activity
How stakeholders can influence business decisions
Conflicts between stakeholder groups: why they happen
Technology in business: e-commerce
Technology in business: social media
Technology in business: digital communication
Technology in business: payment systems
How technology can increase or decrease sales
How technology can increase or decrease costs
How technology changes the marketing mix
Why governments create business legislation
Consumer law: quality expectations
Consumer law: consumer rights
Employment law: recruitment rules
Employment law: pay rules
Employment law: discrimination rules
Employment law: health and safety rules
How legislation affects business costs
Consequences of meeting legal obligations
Consequences of not meeting legal obligations
What the economic climate is
Unemployment: how it affects businesses
Consumer income levels: how they affect demand
Inflation: how it affects costs and prices
Interest rates: how they affect borrowing and spending
Government taxation: how it affects businesses
Exchange rates: how they affect imports and exports
How businesses respond to changes in technology
How businesses respond to changes in legislation
How businesses respond to changes in the economic climate
Unit 6
Growing the business
Internal (organic) growth: what it is
Internal growth through new products: innovation
Internal growth through new products: research and development
Internal growth through new markets: adjusting the marketing mix
Internal growth through new markets: using technology
Internal growth through new markets: expanding overseas
External (inorganic) growth: what it is
External growth: what a merger is
External growth: what a takeover is
How growth can change business operations and costs
How growth can change marketing decisions
How growth can change staffing needs
What a public limited company (plc) is
Why a growing business might choose plc status
Internal finance for growth: retained profit
Internal finance for growth: selling assets
External finance for growth: loan capital
External finance for growth: share capital
Stock market flotation: why it raises finance
Why aims and objectives change: market conditions
Why aims and objectives change: technology
Why aims and objectives change: business performance
Why aims and objectives change: legislation
Why aims and objectives change: internal reasons
Changing aims: shifting focus to survival or growth
Changing objectives: entering new markets
Changing objectives: exiting markets
Changing objectives: increasing workforce
Changing objectives: reducing workforce
Changing objectives: increasing product range
Changing objectives: decreasing product range
Globalisation: what it means for businesses
Imports: overseas competition in the UK
Imports: buying from overseas suppliers
Exports: selling to overseas markets
Globalisation and changing business locations
Multinational businesses: what they are
Tariffs: how they act as trade barriers
Trade blocs: how they affect international trade
Competing internationally using the internet and e-commerce
Competing internationally by adapting the marketing mix
Business ethics: what ethical considerations are
Ethical trade-offs: ethics vs profit
Environmental considerations: sustainability and business decisions
Environmental trade-offs: environment vs profit
Pressure groups: how they can influence the marketing mix
Unit 7
Making marketing decisions
The design mix: function
The design mix: aesthetics
The design mix: cost
Product life cycle: what it is and why it matters
Product life cycle stage: introduction
Product life cycle stage: growth
Product life cycle stage: maturity
Product life cycle stage: decline
Product life cycle extension strategies: what they are
Extension strategies: changes to product features
Extension strategies: new markets and new promotion
Why differentiation matters in competitive markets
Pricing strategies: what they are and why they’re used
Pricing strategies: when penetration pricing makes sense
Pricing strategies: when price skimming makes sense
Pricing strategies: when competitive pricing makes sense
Pricing strategies: when cost-plus pricing makes sense
How technology influences pricing decisions
How competition influences pricing decisions
How market segments influence pricing decisions
How the product life cycle influences pricing decisions
Promotion methods: advertising
Promotion methods: sponsorship
Promotion methods: product trials
Promotion methods: special offers
Promotion methods: branding
Matching promotion to different market segments
Targeted online advertising: how it works
Viral advertising through social media: why it can be effective
E-newsletters: how they support promotion
Distribution channels: retailers
Distribution channels: e-tailers (e-commerce)
How product decisions affect price, promotion and place
How price decisions affect product, promotion and place
How promotion decisions affect product, price and place
How place decisions affect product, price and promotion
Using the marketing mix to build competitive advantage
What an integrated marketing mix is
How an integrated marketing mix strengthens competitive advantage
Unit 8
Making operational decisions
The purpose of business operations for goods
The purpose of business operations for services
Job production: what it is and when it suits a business
Batch production: what it is and when it suits a business
Flow production: what it is and when it suits a business
Choosing production methods to improve productivity
Choosing production methods to reduce costs
Production methods and competitive pricing decisions
Technology in production: balancing cost and productivity
Technology in production: balancing quality and flexibility
Stock control graphs: interpreting bar gate stock graphs
Just in time (JIT): what it is and why it’s used
JIT benefits and risks for businesses
What procurement is and why it matters
Supplier relationships: quality considerations
Supplier relationships: delivery speed and reliability
Supplier relationships: availability of supplies
Supplier relationships: cost considerations
Supplier relationships: trust and long-term partnerships
Logistics decisions and business costs
Logistics decisions and business reputation
Logistics decisions and customer satisfaction
What quality means in business
Quality control: what it is
Quality assurance: what it is
Quality and competitive advantage
Quality and cost control
The sales process: product knowledge
The sales process: speed and efficiency of service
The sales process: customer engagement
The sales process: responding to customer feedback
The sales process: post-sales service
Why good customer service matters to business success
Unit 9
Making financial decisions
Gross profit: what it is and how to calculate it
Net profit: what it is and how to calculate it
Gross profit margin: what it shows
Gross profit margin: how to calculate and interpret it
Net profit margin: what it shows
Net profit margin: how to calculate and interpret it
Average rate of return (ARR): what it measures
ARR: how to calculate and interpret it
Using graphs and charts to judge business performance
Interpreting financial data to support decisions
Interpreting marketing data to support decisions
Interpreting market data to support decisions
Choosing between quantitative and qualitative information
Limits of financial information: what it can miss
Limits of financial information: why context matters
Using data to support, inform and justify a decision
Data reliability: how inaccurate data damages decisions
Unit 10
Making human resource decisions
Organisational structures: what they are for
Hierarchical structures: features and when appropriate
Flat structures: features and when appropriate
Centralised decision making: features and impacts
Decentralised decision making: features and impacts
Why communication is essential in business
Too little communication: impacts on efficiency and motivation
Too much communication: impacts on efficiency and motivation
Barriers to effective communication: what they look like in workplaces
Part-time work: why businesses use it
Full-time work: benefits and drawbacks for employers
Flexible hours: how they can improve recruitment and retention
Permanent contracts: benefits and costs to a business
Temporary contracts: when they suit a business
Freelance contracts: when they suit a business
Technology and remote working: impacts on efficiency
Technology and remote working: managing teams at a distance
Directors: roles and responsibilities
Senior managers: roles and responsibilities
Supervisors and team leaders: roles and responsibilities
Operational staff: roles and responsibilities
Support staff: roles and responsibilities
Person specification: what it includes and why it matters
Job description: what it includes and why it matters
Application forms: what they’re used for
CVs: what they’re used for
Internal recruitment: advantages and disadvantages
External recruitment: advantages and disadvantages
Choosing recruitment methods to match business needs
Formal training: what it looks like
Informal training: what it looks like
Self-learning: benefits and risks
Ongoing training: why it matters as a business grows
Target setting: how it links to performance
Performance reviews: how they support development
Training and motivation: how they link
Training and retention: reducing staff turnover
Retraining for new technology: why it’s needed
Why motivation matters: attracting employees
Why motivation matters: retaining employees
Why motivation matters: improving productivity
Remuneration (pay): motivating with basic pay
Bonus: motivating with performance pay
Commission: motivating sales staff
Promotion: motivating through progression
Fringe benefits: motivating beyond pay
Job rotation: how it can motivate and develop skills
Job enrichment: increasing responsibility to motivate
Autonomy: how trust and independence can motivate
Unit 11
Quantitative skills and formulae (embedded across both themes)
Percentages in business: calculating percentage change
Averages in business: calculating and interpreting averages
Revenue calculations in context: price × quantity
Costs and profit calculations in context
Break-even calculations in context
Margin of safety calculations in context
Cash-flow calculations in context: net cash flow
Cash-flow calculations in context: opening and closing balances
Profitability ratios: gross profit margin calculations
Profitability ratios: net profit margin calculations
Investment appraisal: average rate of return calculations
Interpreting graphs and charts to support a business decision
Interpreting market share data and changes over time
Limits of quantitative data: what numbers don’t show
Using quantitative evidence to justify a recommendation
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