Sarah Hilton has been a business examiner for over 20 years and a business teacher for longer. She is now a teacher trainer, business teacher and qualification developer. She runs the website revisionstation which provides smashing business teaching resources at budget prices.
Sarah Hilton has been a business examiner for over 20 years and a business teacher for longer. She is now a teacher trainer, business teacher and qualification developer. She runs the website revisionstation which provides smashing business teaching resources at budget prices.
1.2.1
Demand
a) Factors leading to a change in demand:
o changes in the prices of substitutes and
complementary goods
o changes in consumer incomes
o fashions, tastes and preferences
o advertising and branding
o demographics
o external shocks
o seasonality
1.2.2
Supply
a) Factors leading to a change in supply:
o changes in the costs of production
o introduction of new technology
o indirect taxes
o government subsidies
o external shocks
1.2.3
Markets
a) The interaction of supply and demand
b) The drawing and interpretation of supply and demand
diagrams to show the causes and consequences of price
changes
1.2.4
Price elasticity of
demand
a) Calculation of price elasticity of demand
b) Interpretation of numerical values of price elasticity of
demand
c) The factors influencing price elasticity of demand
d) The significance of price elasticity of demand to
businesses in terms of implications for pricing
e) Calculation and interpretation of the relationship
between price elasticity of demand and total revenue
1.2.5
Income elasticity of
demand
a) Calculation of income elasticity of demand
b) Interpretation of numerical values of income elasticity of
demand
c) The factors influencing income elasticity of demand
d) The significance of income elasticity of demand to
businesses
1.4.1
Approaches to
staffing
a) Staff as an asset; staff as a cost
b) Flexible workforce:
o multi-skilling
o part-time and temporary
o flexible hours and home working
o outsourcing
c) Distinction between dismissal and redundancy
d) Employer/employee relationships
o individual approach
o collective bargaining
1.4.2
Recruitment,
selection and
training
a) Recruitment and selection process:
o internal versus external recruitment
b) Costs of recruitment, selection and training
c) Types of training:
o induction
o on-the-job
o off-the-job
1.4.3
Organisational
design
a) Structure:
o hierarchy
o chain of command
o span of control
o centralised and decentralised
b) Types of structure:
o tall
o flat
o matrix
c) Impact of different organisational structures on business
efficiency and motivation
1.4.4
Motivation in theory
and practice
a) The importance of employee motivation to a business
b) Motivation theories:
o Taylor (scientific management)
o Mayo (human relations theory)
o Maslow (hierarchy of needs)
o Herzberg (two factor theory)
c) Financial incentives to improve employee performance:
o piecework
o commission
o bonus
o profit share
o performance-related pay
d) Non-financial techniques to improve employee
performance:
o delegation
o consultation
o empowerment
o team working
o flexible working
o job enrichment
o job rotation
o job enlargement
1.4.5
Leadership
a) Leadership:
o the distinction between management and leadership
b) Types of leadership style:
o autocratic
o paternalistic
o democratic
o laissez-faire
This is a complete lesson which includes a teacher PowerPoint and a student worksheet written by Sarah Hilton for Revisionstation and it covers the following topics:
LESSON 1
Pricing methods
price skimming
price penetration
competitive pricing
loss leader
cost-plus
The factors that influence pricing decisions
costs
nature of the market
degree of competition
product life cycle.
The relationship between price and demand
LESSON 2
The benefits and risks of developing new products
Importance of product design, image and the needs of the target market
Product differentiation
USP
Brand image
The product lifecycle
Product portfolio (Boston Box / Boston Matrix)
LESSON 3
Promotional methods
Advertising
PR
Sales promotion
Sponsorship
Social media
Factors influencing the selection of promotional methods
Reasons for promotion
LESSON 4
The different channels of distribution used by business
Retailers
Wholesalers
Telesales
E-commerce and M-commerce
Integrated nature of the marketing mix
Using the marketing mix to inform and implement business decisions
Pearson Edexcel International A Level Business Unit 2.3.2 Financial Planning (5 complete lessons)
1 Sales, revenue and costs
a) Calculation of sales volume and sales revenue.
b) Calculation of fixed, variable costs, total costs and average costs.
c) Ways of improving sales volumes and sales revenues.
2 Sales forecasting
a) Purpose of sales forecasts.
b) Factors affecting sales forecasts:
• consumer trends
• economic variables
• actions of competitors.
c) Difficulties of sales forecasting.
3 Break-even
a) Contribution: selling price − variable cost per unit.
b) Break-even point:
• total fixed costs + total variable costs = total revenue.
c) Using contribution to calculate the break-even point.
d) Margin of safety.
e) Interpretation of break-even charts.
f) Limitations of break-even analysis.
4 Cash flow
a) Construction and interpretation of simple cash-flow forecasts.
b) Use and limitations of cash-flow forecasts.
5 Budgets
a) Purposes of budgets.
b) Types of budget:
• based on historical figures
• zero based.
c) Variance analysis.
d) Difficulties of budgeting
1.5.1
Role of an
entrepreneur
a) Creating and setting up a business
b) Running and expanding/developing a business
c) Innovation within a business (intrapreneurship)
d) Barriers to entrepreneurship
e) Anticipating risk and uncertainty in the business
environment
1.5.2
Entrepreneurial
motives and
characteristics
a) Characteristics and skills required
b) Reasons why people set up businesses:
o financial motives: profit maximisation and profit
satisficing
o non-financial motives: ethical stance, social
entrepreneurship, independence and home working
1.5.3
Business objectives
a) Survival
b) Profit maximisation
c) Other objectives:
o sales maximisation
o market share
o cost efficiency
o employee welfare
o customer satisfaction
o social objectives
1.5.4
Forms of business
a) Sole trader, partnership and private limited company
b) Franchising, social enterprise, lifestyle businesses, online
businesses
c) Growth to PLC and stock market flotation
1.5.5
Business choices
a) Opportunity cost
b) Choices and potential trade-offs
1.5.6
Moving from
entrepreneur to
leader
a) The difficulties in developing from an entrepreneur to a leader
This bundle includes complete lessons (PPT and worksheets) and fully editable on each of the following topics:
3.1.1 The purpose and nature of businesses
3.1.2 Business ownership
3.1.3 Setting business aims and objectives
3.1.4 Stakeholders
3.1.5 Business location
3.1.6 Business planning
3.1.7 Expanding a business
All lessons come with all the answers
