Www.toothillschool.co.uk
Revision checklist - Unit 1.1 Setting up a BusinessDefinitionsContent you must knowAdvantages and disadvantagesFranchiseBusiness aimsMarket shareStakeholdersBusiness planningEthical and sustainability Sole TraderPartnershipPrivate Limited companyLimited liabilityWhat a Business is?Why Businesses are set up?Types of business aims, market share, survival, growth, customer satisfaction, ethical and sustainableDifferent stakeholders needs, customer, owner, suppliers, employees, local community, governmentWhat is on a business plan and why is one needed?Aware of risks and what businesses can do to minimise riskUnderstand the factors of location, including – availability of raw materials, transport, labour, competition, technology and proximity to market and the costsFranchiseBusiness planningSole TraderPartnershipPrivate Limited companyLimited liabilityUnit 1.2 MarketingDefinitionsContent you must knowAdvantages and disadvantagesMarket researchQuestionnaireFocus groupE-commerce Method of distributionWholesalersRetailersWhy business conduct market researchProducts a small business will sellRelationship between price and demandThe different promotion methods, advertising in local newspapers, the internet, posters, personal recommendationUsing the following research methods; questionnaire, customer/supplier feedback, focus group, internet researchThe different promotion methods, advertising in local newspapers, the internet, posters, personal recommendationEcommerceUnit 1.3 FinanceDefinitionsContent you must knowAdvantages and disadvantagesSource of finance – Bank Loan, overdraft, family friends, mortgage and government grantsRevenueCostsProfitCash Flow forecastCalculate Profit or LossWill need a calculator for the examBank Loan, overdraft, family and friends, mortgage and government grantsCalculate ProfitInterpret a cash flow forecastRecommend possible solutions to improve cash flowBank Loan, overdraft, family and friends, mortgage and government grantsLowering priceOf producing a cash flow forecastUnit 1.4 People in BusinessDefinitionsContent you must knowAdvantages and disadvantagesFull and Part timeLegalisation employers have to be aware ofMonetary motivationNon-monetary motivationInternal and External recruitmentWays to recruit internally and externallyFactors that determine wagesMonetary benefitsNon-monetary rewardsSuggest ways to motivate staffTypes of legalisation, minimum wage, equal pay act, discrimination lawsFull and Part timeInternal and external recruitmentBenefits of motivated staff1.5 OperationsDefinitionsContent you must knowAdvantages and disadvantagesJob productionBatch ProductionOperational efficiencyQualityCustomer serviceWays to be operationally efficientCustomer expectations of qualityLaws that protect customersHow customer service have improved from advances in ICTJob productionBatch ProductionCustomer serviceUnit 2 2.1 The Business organisationDefinitionsContent you must knowAdvantages and disadvantagesMerger/ TakeoverOrganic GrowthSelling FranchisesPublic Limited CompaniesPrivate Limited CompaniesSocial objectivesHow growth can impact different stakeholdersChanges in objectives as a Business growsThe importance of choosing the right locationExpanding a businessMerger/ TakeoverOrganic GrowthSelling FranchisesPublic Limited CompaniesPrivate Limited CompaniesSocial objectives2.2 MarketingDefinitionsContent you must knowAdvantages and disadvantagesProduct portfolioProduct lifecyclePrice skimmingPrice penetrationCompetitive pricingCost plus pricingLoss leadersChannels of distributionPromotional methods – advertising, sales promotion, sponsorship, direct marketingStages in product lifecycleHow a business can broaden lifecycle (extension strategies)Factors that influence a pricing decisionPromotional methods – advertising, sales promotion, sponsorship, direct marketingDifferent Channels of distributionPromotional methods – advertising, sales promotion, sponsorship, direct marketing2.3 Finance DefinitionsContent you must knowAdvantages and disadvantagesSources of finance – retained profit, Loans, share issue, selling unwanted assetsProfit and Loss AccountBalance sheetAssetLiabilityCapitalLiquidity Sources of finance – retained profit, Loans, share issue, selling unwanted assetsDifferent Assets – Current/ Non currentDifferent Liabilities - Current/ Non currentCalculate Gross Profit MarginNet Profit margin, Current ratio, Acid test ratioUnderstand LiquiditySources of finance – retained profit, Loans, share issue, selling unwanted assets2.4 People in BusinessDefinitionsContent you must knowAdvantages and disadvantagesOrganisation structureLayers of managementSpan of controlCentralisation and decentralisationOn the job, off the job trainingCentralisation and decentralisationStaff recruitment processAppraisalsPerformance reviewsMethods to motivate – including management styles and remuneration methodsCentralisation and decentralisationBenefits of Induction programmes, on the job and off the job training2.5 Operations ManagementDefinitionsContent you must knowAdvantages and disadvantagesFlow productionSpecialisationDivision of labourJust in time (JIT)Lean productionTotal Quality Management (TQM)Quality assurance and quality inspectionsOutsourcingFlow ProductionJust in timeLean productionHow a large business gains an advantage over small businessesComplexity of large business communicating and producingFlow productionJust in timeLean productionHow a large business gains an advantage over small businessesComplexity of large business communicating and producingOutsourcing ................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.