Business

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This subtopic explores the essential components and processes involved in constructing a viable business plan. Learners examine how to set clear objectives, analyse market conditions, and forecast financial outcomes to assess business feasibility. Mastery of this area equips students with the practical skills to evaluate and present business proposals effectively.

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Business activity

This topic covers the fundamental aspects of business activity, focusing on how and why businesses start and grow. It explores the role of enterprise and entrepreneurship, the importance of business planning, the various forms of business ownership, the setting of business aims and objectives, the influence of stakeholders, and the methods of business growth.

The role of business enterprise and entrepreneurship

This topic explores the fundamental purpose of business activity, the role of enterprise, the characteristics of entrepreneurs, and the concepts of risk and reward in starting and developing a business.

Business planning

Business planning involves understanding the purpose of planning business activity and the role, importance, and usefulness of a business plan in reducing risk and helping a business to succeed.

Business ownership

This topic covers the different legal structures of business ownership, the concept of limited liability, and the suitability of these structures for various business contexts, including start-ups and established businesses.

Business aims and objectives

This topic covers the fundamental aims and objectives of a business, including common goals such as profit, survival, growth, providing a service, and market share. It also explores why these objectives change as a business evolves and why different businesses may have different objectives.

Stakeholders in business

This topic explores the roles and objectives of various internal and external stakeholder groups, the reciprocal impact of business activity on stakeholders, and the influence stakeholders have on business decision-making.

Business growth

This topic covers the methods by which businesses expand, specifically distinguishing between organic growth and external growth strategies.

Marketing

The Marketing topic explores the purpose and role of marketing within a business, focusing on how it influences business activity and decision-making. It covers the identification of customer needs through market research, the use of market segmentation to target specific groups, and the application of the marketing mix (the four Ps) to inform business strategy.

The role of marketing

This topic explores the purpose and role of marketing within a business, including how it influences business activity and the decisions businesses take. It covers the importance of identifying and understanding customers, the role of market research, market segmentation, and the four Ps of the marketing mix.

Market research

This topic covers the purpose and role of market research within a business, including primary and secondary research methods, the appropriateness of these methods for different business purposes, and the use and interpretation of qualitative and quantitative data.

Market segmentation

Market segmentation involves the process of dividing a broad target market into subsets of consumers who have common needs, interests, and priorities, and then designing and implementing strategies to target them.

The marketing mix

This topic covers the 'four Ps' of the marketing mix (Product, Price, Promotion, Place) and their importance in business decision-making. It explores how these elements work together, the stages of the product life cycle, various pricing methods, promotional activities, and distribution channels. It also includes the interpretation of market data such as changes in demand, target market, market share, and the effects of promotion.

People

The 'People' topic explores the purpose and role of human resources within a business, covering organisational structures, communication, recruitment, selection, motivation, retention, training, development, and employment law.

The role of human resources

This topic explores the purpose and role of human resources within a business, covering organisational structures, communication, recruitment, selection, motivation, retention, training, development, and employment law.

Organisational structures and different ways of working

This topic explores the role of human resources within a business, focusing on how organisational structures are designed and the various ways of working that businesses employ to meet their objectives.

Communication in business

This topic explores the role of human resources in business, specifically focusing on the methods, importance, and digital influences of communication within a business context.

Recruitment and selection

This topic covers the processes and methods businesses use to identify, attract, and hire suitable candidates to fill job vacancies, including the use of job descriptions and person specifications.

Motivation and retention

This topic explores the role of human resources in motivating and retaining employees, covering both financial and non-financial methods of motivation and the importance of employee retention to a business.

Training and development

This topic explores the role of training and development within the human resources function, focusing on the methods used, the reasons for training, and the benefits of staff development for both the business and its employees.

Employment law

This topic covers the impact of current employment legislation on recruitment and employment practices, including discrimination, contracts of employment, holidays, and working hours.

Operations

The Operations topic explores the processes involved in the production of goods and the provision of services, including production methods, quality management, customer service, consumer law, business location, and supply chain management.

Production processes

This topic covers the different methods of production used by businesses to create goods and services, and the influence of technology on these processes.

Quality of goods and services

This topic explores the concept of quality in business, the methods used to ensure it, and its strategic importance in both the production of goods and the provision of services.

The sales process and customer service

This topic explores the methods businesses use to sell their products or services, the impact of e-commerce, and the critical role of customer service in building and maintaining a customer base.

Consumer law

This topic covers the impact of consumer law on business operations, specifically focusing on how legal requirements regarding the safety and quality of goods influence business reputation and decision-making.

Business location

This topic covers the factors that influence a business's choice of location, specifically focusing on costs, proximity to market, labour, and materials.

Working with suppliers

This topic explores the role of procurement and the impact of logistical and supply chain decisions on business operations, including the selection of suppliers and the management of deliveries.

Finance

This topic covers the role of the finance function, sources of finance, financial performance (revenue, costs, profit, loss), break-even analysis, and cash flow management within a business context.

The role of the finance function

This topic covers the fundamental purpose and role of the finance function within a business, specifically focusing on how it provides financial information to support business planning and decision-making, and its overall influence on business activity.

Sources of finance

This topic covers the role of the finance function within a business, the various sources of finance available to businesses, and the suitability of these sources for different business contexts, such as start-ups versus established businesses.

Revenue, costs, profit and loss

This topic covers the fundamental financial concepts of revenue, costs, and profit, including their calculation, interpretation, and importance in business decision-making, as well as the calculation of profitability ratios and the average rate of return.

Break-even

This topic covers the concept of break-even analysis, including the definition where total costs equal total revenue, the calculation of the break-even quantity, and its application as a tool for business decision-making in marketing and planning.

Cash and cash flow

This topic covers the importance of cash to a business, the distinction between cash and profit, and the use of cash flow forecasting as a planning tool to anticipate and manage cash shortages.

Influences on business

This topic explores the external factors that influence business activity and decision-making, specifically focusing on ethical and environmental considerations, the economic climate, and the impact of globalisation.

Ethical and environmental considerations

This topic explores the impact of ethical and environmental considerations on business decision-making, focusing on how businesses respond to social and ecological pressures.

The economic climate

This topic explores the economic climate as an external influence on business, specifically focusing on how changing levels of consumer income and unemployment impact business activity and decision-making.

Globalisation

This topic explores the concept of globalisation, focusing on the growth of multinational companies, its influence on business location, international branding, and how businesses compete on a global scale.

The interdependent nature of business

This topic focuses on the interdependent nature of business, requiring learners to synthesize knowledge from all areas of the specification (operations, finance, marketing, and human resources) to understand how they connect and influence business decision-making, risk, reward, and performance.