The Role of Business Enterprise

Test yourself

What Purpose do Businesses Serve?

Businesses supply goods, services or a combination of both.

Goods

Goods are physical products such as a PlayStation console or Coca Cola soft drinks.

Services

Services are non-physical actions performed by a business to help a customer.
Snapchat is an example of this; they provide a digital platform for people to send photos to one another. They don’t actually provide a physical good (except Spectacles - do they even exist anymore?).

Goods and services

Some businesses provide both goods and services.
Restaurants, for example, provide goods in the form of physical food but also services in the form of waiters and waitresses and an atmosphere where customers can enjoy their meal.

B2B and B2C

It is also important to note that some businesses sell products or services to customers (B2C – business to customer) while others sell to other businesses (B2B – business to business).
DHL sells logistics (delivery and supply chain) support to other businesses like Jaguar Land Rover.

What Do Businesses Do?

Businesses can serve either customers’ needs or wants. Some businesses are called distributors - they buy products from manufacturers and sell them onto businesses or customers.

Customers' needs

Customers' needs are the things that people can't live without.
For example, Severn Trent provides water to people's homes in the United Kingdom.

Customers’ wants

Some businesses exist to serve customers’ wants. They don’t need these products and services but want them.
E.g. television, jewellery or parties.

1Investigating Small Business

1.1Enterprise & Entrepreneurship

1.1.1The Dynamic Nature of Businesses

1.1.2Risk & Reward

1.1.3The Role of Business Enterprise

1.1.4The Role of Business Enterprise 2

1.1.5The Role of the Entrepreneur

1.1.6End of Topic Test - Dynamic Nature of Business

1.1.7Grade 9 - Dynamic Nature of Business

1.2Spotting a Business Opportunity

1.2.1Customer Needs

1.2.2Market Research

1.2.3Market Segmentation

1.2.4The Competitive Environment

1.2.5Primary & Secondary Market Research

1.2.6End of Topic Test - Business Opportunities

1.2.7Application Questions - Business Opportunities

1.2.8Exam-Style Questions - Market Segmentation

1.2.9Diagnostic Misconceptions - Competition

1.3Putting a Business Idea into Practice

1.4Making the Business Effective

1.4.1The Options for Start-Up & Small Businesses

1.4.2Limited Liability

1.4.3Franchising & Not-For-Profits

1.4.4Business Location

1.4.5The Marketing Mix

1.4.6Business Plans

1.4.7End of Topic Test - Effective Business

1.4.8Application Questions - Effective Business

1.4.9Exam-Style Questions - Business Plans

1.5Business Stakeholders

1.5.1Business Stakeholders

1.5.2Technology & Business

1.5.3Legislation & Business

1.5.4Legislation & Business 2

1.5.5The Economy & Business

1.5.6External Influences

1.5.7End of Topic Test - Business Stakeholders

1.5.8Grade 9 - Business Stakeholders

1.5.9Diagnostic Misconceptions - Recessions

2Building a Business

2.1Growing the Business

2.1.1Business Growth

2.1.2Finance

2.1.3Changes in Business Aims & Globalisation

2.1.4Ethics & Business

2.1.5The Environment & Business

2.1.6End of Topic Test - Growing a Business

2.1.7Application Questions - Growing a Business

2.1.8Exam-Style Questions - Business Growth

2.2Making Marketing Decisions

2.2.1Product

2.2.2Product Life Cycle

2.2.3Price

2.2.4Pricing Methods

2.2.5End of Topic Test - Product & Price

2.2.6Grade 9 - Product & Price

2.2.7Promotion & Advertising

2.2.8PR & Sales Promotions

2.2.9Sponsorship & Product Placement

2.2.10Promotional Mix

2.2.11End of Topic Test - Promotion

2.2.12Application Questions - Promotion

2.2.13Exam-Style Questions - Promotional Mix

2.2.14Place & Wholesalers

2.2.15Direct to Consumer

2.2.16E-commerce & M-commerce

2.2.17Diagnostic Misconceptions - Decreasing Price

2.2.18Diagnostic Misconceptions - Advertise vs Promote

2.2.19Diagnostic Misconceptions - Social Media

2.3Making Operational Decisions

2.3.1Job Production

2.3.2Batch & Flow Production

2.3.3Working with Suppliers

2.3.4Effective Supply Chains

2.3.5Just In Time & Just In Case

2.3.6Managing Quality

2.3.7Total Quality Management

2.3.8The Sales Process

2.3.9End of Topic Test - Operational Decisions

2.3.10Grade 9 - Operational Decisions

2.3.11Exam-Style Questions - Managing Stock

2.3.12Diagnostic Misconceptions - JIT vs JIC

2.4Making Financial Decisions

2.4.1Gross Profit & Net Profit - Definitions

2.4.2Gross Profit - Calculations

2.4.3Net Profit - Calculations

2.4.4Rate of Return

2.4.5Rate of Return - Calculations

2.4.6Research & Financial Data

2.4.7Marketing Data

2.4.8Percentage Change - Calculations

2.5Making Human Resource Decisions

2.5.1Organisational Structures

2.5.2Organisational Structures 2

2.5.3Recruitment

2.5.4Effective Recruitment

2.5.5Training a Workforce

2.5.6Motivating a Workforce

2.5.7End of Topic Tests - Human Resources

2.5.8Application Questions - Human Resources

2.5.9Exam-Style Questions - Human Resources

2.5.10Diagnostic Misconceptions - Owners vs Shareholders

2.5.11Diagnostic Misconceptions - Internal Recruitment

2.5.12Diagnostic Misconceptions - Employee Motivation

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