Identifying and Satisfying Customer Needs

1.1.1Purpose of Business Activity

1.1.2Customer Needs

1.1.3Why are Businesses Set Up?

1.1.4Specialisation & Division of Labour

1.2.1The 3 Sectors of Economic Activity

1.2.2Public & Private Sector

1.3.1Business Aims

1.3.2Business Objectives

1.3.3Different Businesses Have Different Objectives

1.3.4Business Objectives Change Over Time

1.3.5End of Topic Test - Business Objectives

1.3.6Enterprise

1.3.7Risks

1.3.8Rewards

1.3.9Entrepreneur

1.3.10Role of the Entrepreneur

1.3.11Encouragement of Enterprise

1.3.12Business Plans

1.3.13Advantages & Disadvantages of a Business Plan

1.3.14The Main Parts of a Business Plan

1.3.15Methods of Measuring Business Size

1.3.16Business Expansion - Internal Expansion

1.3.17Advantages of External Expansion

1.3.18Disadvantages of External Expansions

1.3.19Small Businesses

1.3.20Reasons for Business Failure

1.4.1Sole Traders

1.4.2Partnerships

1.4.3Limited Companies

1.4.4Private Limited Companies

1.4.5Public Limited Companies

1.4.6Unlimited vs Limited Liability

1.4.7Not For Profit

1.4.8Franchising

1.4.9End of Topic Test - Business Ownership

1.4.10Application Questions - Business Ownership

1.4.11Diagnostic Misconceptions - Company vs Business

1.5.1The Main Stakeholders in a Business

1.5.2The Impact & Influence of Stakeholders on Business

1.5.3Diagnostic Misconceptions - Profit

1.5.4Diagnostic Misconceptions - Owners vs Shareholders

2.1.1Contracts of Employment

2.1.2Recruitment

2.1.3Benefits of an Effective Recruitment Process

2.1.4Reducing the Workforce

2.1.5Legal Controls Over Employment

2.1.6Training

2.1.7End of Topic Test - The Workforce

2.1.8Application Questions - The Workforce

2.1.9Diagnostic Misconceptions - Recruitment

2.2.1Internal Organisational Structures

2.2.2Business Functions & Definitions

2.2.3Centralised vs. Decentralised Structures

2.2.4Tall & Flat Organisations

2.2.5The Impact of Organisational Structure on Managing

2.2.6Leadership Styles

2.2.7Trade Unions

2.2.8End of Topic Test - Org Structure

2.3.1Communication in Businesses

2.4.1Motivation in the Workplace

2.4.2Financial Methods of Motivation

2.4.3Non-Financial Methods of Motivation

2.4.4Diagnostic Misconceptions - Money

3.1.1Customer Needs

3.1.3The Market

3.1.4The Market-Driven Approach

3.1.5Competition

3.1.6The Impact of High Competition

3.1.7Diagnostic Misconceptions - Competition

3.1.8Market Segmentation

3.1.9Methods of Market Segmentation

3.2.1Market Research

3.2.2Qualitative & Quantitative Research

3.2.3Primary Market Research

3.2.4Secondary Market Research

3.2.5Analyse Market Research Data

3.2.6Application Questions - Marketing

3.2.7End of Topic Test - Marketing

3.3.1The Product Life Cycle

3.3.2Product Design

3.3.3Product Portfolio & The Boston Matrix

3.3.4Benefits & Risks of New Products

3.3.5Extension Strategies

3.3.6Price

3.3.7Pricing - Skimming & Penetration

3.3.8Competitive and Cost-Plus Pricing

3.3.9Market Mapping - Price vs Quality

3.3.10Place

3.3.11Manufacturer-Wholesalers-Retailers-Customers

3.3.12Manufacturer-Retailers-Customers

3.3.13Direct to Customers

3.3.14Promotional Methods

3.3.15Reasons for Promotion

3.3.16Advertising

3.3.17Advertisement - Product Placement

3.3.18Public Relations

3.3.19Sales Promotion

3.3.20Sponsorship

3.3.21Social Media

3.3.22Promotional Mix

3.3.23E-Commerce and M-Commerce

3.3.24Benefits & Drawbacks of E-Commerce and M-Commerce

3.3.25End of Topic Test - Marketing Mix

3.3.26Grade 9 - Marketing Mix

3.3.27Diagnostic Misconceptions - Decreasing Price

3.3.28Diagnostic Misconceptions - Advertise vs Promote

3.3.29Diagnostic Misconceptions - Social Media

3.3.30Marketing Strategy

3.3.31Entering Foreign Markets

3.4.1Legal Controls on Marketing

4.1.1Production Processes Overview

4.1.2Job Production

4.1.3Flow Production

4.1.4Batch Production

4.1.5Production Efficiency - Lean Production

4.1.6Managing Stock - Just in Time

4.1.7Technology & Production

4.1.8Factors of Production

4.1.9Diagnostic Misconceptions - JIT vs JIC

4.2.1Costs

4.2.2Costs - Calculations

4.2.3Economies of Scale

4.2.4Diseconomies of Scale

4.2.5Break-Even Analysis

4.2.6Profits and Losses - Calculations

4.2.7Diagnostic Misconceptions - Fixed Costs

4.2.8Diagnostic Misconceptions - Economies of Scale

4.2.9Diagnostic Misconceptions - Break-Even

4.3.1Importance of Quality

4.3.2Measuring Quality

4.3.3Quality control

4.3.4Total Quality Management

4.3.5Benefits of Maintaining High Product/Service Qual.

4.3.6Costs of Maintaining High Quality/Service

4.3.7End of Topic Test - Operational Decisions

4.4.1Business Location

4.4.2Nature of Business Activity

5.1.1Finance

5.1.2Sources of Finance

5.1.3Factors Affecting Financing

5.2.1Cash Flow

5.2.2Cash Flow Forecasts

5.2.3Consequences of Cash Flow Problems

5.2.4Cash Flow - Calculations

5.2.5Solutions to Cash Flow Problems

5.2.6Diagnostic Misconceptions - Cash Flow

5.3.1Profit

5.3.2Profit - Calculations

5.3.3Financial Statements

5.3.4Income Statements

5.3.5Financial Data

5.3.6Information from Graphs & Charts

5.3.7End of Topic Test - Finance

5.3.8Grade 9 - Finance

5.4.1Elements of a Statement of Financial

5.5.1Gross Profit

5.5.2Liquidity

5.5.3Gross Profit - Calculations

5.5.4Net Profit

5.5.5Net Profit - Calculations

5.5.6Operating Profit Margin

5.5.7Markup

5.5.8Return on Capital Employed (ROCE)

5.5.9Current Ratio & Acid Test Ratio

6.1.1Business Cycle

6.1.2Objectives of Government Economic Policy

6.1.3Provision of Public Services

6.1.4Taxation & Constraints on Public Spending

6.1.5The Government & Business Activity

6.1.6Interest Rates

6.1.7Interest Rates - Calculations

6.1.8Diagnostic Misconceptions - Recession

6.2.1Multinational Companies

6.2.2Exchange Rates

6.3.1Globalisation

6.3.2Environmental Issues

6.3.3Business and Sustainability

6.4.1Ethical Considerations for Businesses

6.4.2Benefits of Being Ethical

6.5.1Pressure Groups