The market 1 Demand 2 Supply 3 Markets 4 Price elasticity of demand (PED) 5 Income elasticity of demand (YED)

2.5 External influences 2.5.1 - Economic influences 2.5.2 - Legislation 2.5.3 - The competitive environment

2.3 Managing finance 2.3.1 - Profit 2.3.2 - Liquidity 2.3.3 - Business failure

2.2 Financial planning 2.2.1 - Sales forecasting 2.2.2 - Sales, revenue and costs 2.2.3 - Break-even 2.2.4 - Budgets

Marketing mix and strategy 1 Marketing objectives and strategy 2 Product/service design 3 Promotion and branding 4 Pricing strategies 5 Distribution

Meeting customer needs 1 The market 2 Market research 3 Market positioning

1 Economic Influences 2 Legislation 3 The competitive environment

1 Profit 2 Liquidity 3 Business failure

Role of an entrepreneur Entrepreneurial motives and characteristics Business objectives Business choices

Planning a business and raising finance 1 Planning 2 Internal finance 3 External finance 4 Forms of business 5 Liability

Interpretation of financial statements Ratio analysis Human resources

Key factors in change Contingency Planning

1 Quantitative sales forecasting 2 Investment appraisal 3 Decision trees a) Construct and interpret simple decision-tree diagrams. 4 Critical path analysis 5 Contribution

Corporate culture 2 Stakeholder model versus shareholder model 3 Business ethics

1 Growth a) Objectives of growth: 2 Organic growth 3 Inorganic growth 4 Problems arising from growth

1 Corporate objectives 2 Theories of corporate strategy 3 SWOT analysis a) SWOT analysis 4 Impact of external influences

Marketing Niche markets Cultural/social factors

Growing economies International trade and business growth Factors contributing to increased globalisation Protectionism a) Reasons for protectionism. Trading blocs

Sales, revenue and costs Sales forecasting a) Purpose of sales forecasts. Break-even Cash flow Budgets

1 Production, productivity and efficiency 2 Capacity Utilisation 3 Inventory control a) Interpretation of inventory control diagram. 4 Quality Management