Term 1-2: Topic 2.1.1 - 2.2.5
Through terms 1 - 2 we study the below topics. The focus is to develop the students knowledge and understanding of how Business grows, and in doing so how aspects of the Business may need to change including changes in aims and bbjectives, ethical considerations and marketing marketing mix - product, price, place, and promotion. Students will understand why, and how each of the elements are important to a business and that ultimately a business needs to ensure harmony between each of the elements to have successes.
2.1.1 Business Growth
2.1.2 Changes in business aims and objectives
2.1.3 Business and globalisation
2.1.4 Ethics, the environment and business
2.2.1 Product
2.2.2 Price
2.2.3 Promotion
2.2.4 Place
2.2.5 Using the marketing mix to make business decisions
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills within 9 and 12 mark questions in relation to the topic
Aesthetics
How things appeal to the senses; do they look great, smell good, feel nice, sound solid (the 'ker-lunk' of a BMW door shutting) and taste great?
Economic Manufacture
Making the product cheaply enough to make it profitable.
Extension Strategy
An attempt to prolong sales of a product for the medium to long term, to prevent it from entering its decline stage.
Function
How well the product or service works for the customer; for example, are the beds comfortable at a hotel; does the smartphone take sharp photos?
Product Differentiation
The theory that every product goes through the same four stages of introductions, growth, maturity and decline.
Profit Margins
Profit as a percentage of the selling price (one unit) or as a percentage of total sales revenue (for the business as a whole).
Branding
Giving your product or service a name that helps recall and recognition, and gives a sense of personality.
E-newsletters
Regular updates on the activities of a business sent electronically to actual or potential customers.
Promotional Strategy
A medium to long term plan for communicating with your target customers.
Sponsorship
When companies pay to have a brand associated with an iconic individual or event (usually connected with sports or the arts).
Viral advertising
When young people start to spread your message for you through social means, be it word of mouth or via social media.
Distribution
How ownership changes as a product goes from producer to consumer.
E-tailer
An electronic retailer; in other words purchasing electronically, either by e-commerce or, more likely these days, mobile commerce (M-commerce).
Retailer
A shop or chain of shops, usually selling from a building in a high street or shopping centre.
Budget
A ceiling on the amount of money that can be spent; a marketing budget of 1 million means the marketing manager can spend up to that figure, but no more.
'Inform' decisions
Evidence that can be used to make a better decision; a company can gain a better understanding of its customers through the 4P's which helps in decision making.
Develop the individual:
Create a supportive community:
Term 3-4: Topic 2.3.1 - 2.3.4
This topic focuses on how business operations work in more detail. In particular we explore different types of production and how a business can use to their advantage. We also look at how business work with suppliers and why the relationship they have with them is important. This leads in to how business manage the quality of their products and also the sales process and how this enables businesses to create profit once the product is complete.
2.3.1 Business operations
2.3.2 Working with suppliers
2.3.3 Managing quality
2.3.4 The sales process
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills within 9 and 12 mark questions in relation to the topic
Bath production
producing a limited number of identical products
Flow production
continuous production of identical products, which gives scope for high levels of automation
job production
one-off production of a one-off item for a single customer
Productivity
a measure of efficinecy, usually output per person per time period (for example, Nissan UK's 98 cars per worker per year)
Automation
using machines that can operate without people
Flexibility
the ability to switch quickly and easily from one task to another
Bar gate stock graph
a diagram to show changes in the level of stock over time
Buffer stock
the minimum stock level held at all items to avoid running out
Just in Time (JIT)
running the business with so little stock that new supplies have to arrive just in time before they run out.
Develop the individual:
Create a supportive community:
Term 5 - 6: GCSE Exam revision
Students will practice exam technique and quantitative skills to ensure that they are well prepared to sit their GCSE examination
An end of unit assessment will be carried out using multiple choice questions and a case study to allow the student to practice their evaluation and analysis skills within 9 and 12 mark questions in relation to the topic
Average rate or return (ARR)
average yearly profit as a percentage of the sum invested. This shows profitability and can be compared with the interest rates available on bank deposit accounts.
Gross profit margin
gross profit as a percentage of sales revenue (or, for an individual item, gross profit as a percentage of the selling price)
Net profit margin
net profit as a percentage of sales revenue (or, an individual item, net profit as a percentage of the selling price)
Sum invested
the cash put at risk when investing in new equipment or a new product
Develop the individual:
Create a supportive community: