3.4.1 Justify marketing strategies appropriate to a given situation: • Importance of different elements of the marketing mix in influencing consumer decisions in given circumstances • Recommend and justify an appropriate marketing strategy in given circumstances 3.4.2 The nature and impact of legal controls related to marketing: • Impact of legal controls on marketing strategy, e.g. misleading promotion, faulty and dangerous goods 3.4.3 The opportunities and problems of entering new foreign markets: • Growth potential of new markets in other countries • Problems of entering foreign markets, e.g. cultural differences and lack of knowledge • Benefits and limitations of methods to overcome such problems, e.g. joint ventures, licensing *Unit 3 review sample questions and answers

4.3.1 Why quality is important and how quality production might be achieved: • What quality means and why it is important for all businesses • The concept of quality control and how businesses implement quality control • The concept of quality assurance and how this can be implemented Sample questions and answers

4.4.1 The main factors influencing the location and relocation decisions of a business: • Factors relevant to the location decision of manufacturing businesses and service businesses • Factors that a business could consider when deciding which country to locate operations in • The role of legal controls on location decisions • Recommend and justify an appropriate location for a business in given circumstances Sample questions and answers

4.2.1 Identify and classify costs: • Classifying costs using examples, e.g. fixed, variable, average, total • Use cost data to help make simple cost-based decisions, e.g. to stop production or continue 4.2.2 Economics and diseconomies of scale: • The concept of economies of scale with examples, e.g. purchasing, marketing, financial, managerial, technical • The concept of diseconomies of scale with examples, e.g. poor communication, lack of commitment from employees, weak coordination 4.2.3 Break-even analysis: • The concept of break-even • Construct, complete or amend a simple break-even chart • Interpret a given chart and use it to analyse a situation • Calculate break-even output from given data • Define, calculate and interpret the margin of safety • Use break-even analysis to help make simple decisions, e.g. impact of higher price • Understand the limitations of break-even analysis Sample questions and answers

PPT 3- A2 Econs CIE (to be used with any syllabus) - exercises refered to are from Economics - Peter Smith Objectives provided for syllabus covered. Key words detailed. Relevant diagrams. Syllabus prompts

PPT aligned to the CIE syllabus. Summative and formative assessments provided with suggested solutions. Topics covered included scarcity, opportunity costs, factors of production etc.

Definition of PPC points under, on and beyond a PPC movements along a PPC shifts of a PPC Questions and proposed solutions

The forms, functions and characteristics of money. The role and importance of central banks and commercial banks for government, producers and consumers. Questions and suggested solutions

**Definition of opportunity cost The influence of opportunity cost on decision making** Questions and proposed solutions

Covering the objectives of the syllabus Finite resources and unlimited wants Economic and free goods Questions and proposed solutions

Definitions of the factors of production and their rewards Mobility of the factors of production Quantity and quality of the factors of production Questions and proposed solutions

PPT covering the following: • Concepts of needs, wants, scarcity and opportunity cost • Importance of specialisation • Purpose of business activity • The concept of adding value and how added value can be increased

Definition, drawing and interpretation of demand and supply schedules and curves used to establish equilibrium price and sales in a market. Definition, drawing and interpretation of demand and supply schedules and curves used to identify disequilibrium prices and shortages (demand exceeding supply) and surpluses (supply exceeding demand). Supply and demand review doc Questions and suggested solutions

Definition, drawing and interpretation of appropriate diagrams. A demand curve to be drawn and used to illustrate movements along a demand curve with appropriate terminology, for example extensions and contractions in demand. The link between individual and market demand in terms of aggregation. The causes of shifts in a demand curve with appropriate terminology, for example increase and decrease in demand Supply and demand review doc Questions and suggested solutions

Definition, drawing and interpretation of appropriate diagrams. A supply curve to be drawn and used to illustrate movements along a supply curve with appropriate terminology, for example extensions and contractions in supply. The link between individual and market supply in terms of aggregation. The causes of shifts in a supply curve with appropriate terminology, for example increase and decrease in supply. Supply and demand review doc Questions and suggested solutions

How a market system works; including buyers, sellers, allocation of scarce resources, market equilibrium, and market disequilibrium. Establishing that the economic problem creates three key questions about determining resource allocation What, how, and for whom to produce? How the price mechanism provides answers to these key allocation questions. Questions and suggested solutions

Why people work and what motivation means • The benefits of a well-motivated workforce: labour productivity, reduced absenteeism and labour turnover • The concept of human needs, e.g. Maslow’s hierarchy • Key motivational theories: Taylor and Herzberg 2.1.2 Methods of motivation: • Financial rewards, e.g. wage, salary, bonus, commission and profit sharing • Non-financial methods, e.g. job enrichment, job rotation, teamworking, training, opportunities for promotion • Recommend and justify appropriate method(s) of motivation in given circumstances Sample questions and answers

3.1.1 The role of marketing: • Identifying customer needs • Satisfying customer needs • Maintaining customer loyalty • Building customer relationships 3.1.2 Market changes: • Why customer/consumer spending patterns may change • The importance of changing customer needs • Why some markets have become more competitive • How businesses can respond to changing spending patterns and increased competition 3.1.3 Concepts of niche marketing and mass marketing: • Benefits and limitations of both approaches to marketing 3.1.4 How and why market segmentation is undertaken: • How markets can be segmented, e.g. according to age, socio-economic grouping, location, gender • Potential benefits of segmentation to business • Recommend and justify an appropriate method of segmentation in given circumstances sample questions and answers

4.1.1 The meaning of production: • Managing resources effectively to produce goods and services • Difference between production and productivity • Benefits of increasing efficiency and how to increase it, e.g. increasing productivity by automation and technology, improved labour skills • Why businesses hold inventories • The concept of lean production: how to achieve it, e.g. just-in-time inventory control and Kaizen; benefits of lean production 4.1.2 The main methods of production: • Features, benefits and limitations of job, batch and flow production • Recommend and justify an appropriate production method for a given situation 4.1.3 How technology has changed production methods, e.g. using computers in design and manufacturing Sample questions and answers

5.1.1 The need for business finance: • The main reasons why businesses need finance, e.g. start-up capital, capital for expansion and additional working capital • Understand the difference between short-term and long-term finance needs 5.1.2 The main sources of finance: • Internal sources and external sources with examples • Short-term and long-term sources with examples, e.g. overdraft for short-term finance and debt or equity for long-term finance • Importance of alternative sources of capital, e.g. micro-finance, crowd-funding • The main factors considered in making the financial choice, e.g. size and legal form of business, amount required, length of time, existing loans • Recommend and justify appropriate source(s) of finance in given circumstances questions and suggested answers