In this lesson we will learn;
The role and importance of a business plan:
To identify:
The business idea
Business aims and objectives
Target market (market research)
Forecast revenue cost and profit
Cash-flow forecast, Sources of finance
Location; marketing mix.
The purpose of planning business activity:
The role and importance of a business plan in minimising risk and obtaining finance.
Theme 1 - Investigating small businesses
In this lesson we will learn;
Identifying and understanding customer needs:
What customer needs are: price, quality, choice, convenience
The importance of identifying and understanding customers: generating sales, business survival.
In this lesson we will learn:
What the marketing mix is and the importance of each element
price, product, promotion, place.
How the elements of the marketing mix work together:
● balancing the marketing mix based on the competitive environment
● the impact of changing consumer needs on the marketing mix
● the impact of technology on the marketing mix: e-commerce, digital communication.
In this lesson we will learn:
What the marketing mix is and the importance of each element:price, product, promotion, place.
How the elements of the marketing mix work together
Balancing the marketing mix based on the competitive environment
The impact of changing consumer needs on the marketing mix.
The impact of technology on the marketing mix: e-commerce, digital communication
1.4.2 Business Location
In this lesson we will learn:
Factors influencing business location:
Proximity to: market, labour, material and competitors
Nature of the business activity
The impact of the internet on location decisions:
E-commerce and/or fixed premises
Learning outcome;
To be able to explain the difference between saving and investment
To explore and understand different types of saving and investment features and their advantages and disadvantages
To investigate different types of insurance products, features, and their advantages and disadvantage’s
A worksheet designed for students to complete.
Students have to research on methods of payments listed on the worksheet and outline advantages and disadvantages or each of these.
Ideally for a finance unit
Activity that can be used for group work or can be set as an individual task.
Students have to research and create a poster on the five payment methods of pay provided by the tutor.
Learning outcome:
To understand the structure of retail businesses and their supply chains
To understand the benefits and drawbacks that retailers face in the market for selling similar products
To understand the 4 elements of marketing mix ( product, place, promotion, price)
To examine the support available from other businesses for retailers
To be able to define different types of business ownerships
Learning outcomes for this lesson:
Understanding the role of an event organiser
Learn to plan a business event
Learn to run a business event
Learn to follow up after a business event
Learning outcomes:
Be able to understand the impact that online businesses have on society
Be able to outline the advantages and disadvantages of conducting an online business
Be able to state the factors that influence online consumerism
Be able to understand the importance of technology and the internet on society and business,