3 PLANS Identify the various stakeholders who are affected by a business. Explain the purpose and main components of a business plan. Evaluate the importance of a business plan. Identify the main sources of information and guidance available to entrepreneurs. Identify the stakeholders of the two SME’s previously investigated. Assess the view that having a business plan will guarantee the success of a start-up business. Carry out project work on identifying a gap in the market and produce an outline business plan, e.g. Research how organisations such as the Prince’s Trust, Chamber of Commerce, Welsh/UK Government and Citizen’s Advice Bureau could help with the start-up of a new business. 4 MARKETS Types of market Market data Market segmentation Explain what is meant by a market and competition. Identify different types of markets, including local/global, mass/niche, trade/consumer, product/service and seasonal. Analyse and interpret market data including market size, market share and market trends. Explain what is meant by Analyse one example of each of the different types of market. Identify similarities and differences, e.g., type of products; numbers of buyers and sellers, relative prices. Select appropriate industries, e.g., car production, supermarkets, mobile phones for analysis of market size etc.
7 MARKETS Price and income elasticity of demand Understand the concept of price and income elasticity of demand (learners are not required to do calculations). Explain the nature of inferior, normal and luxury goods. Investigate and analyse the demand for different products, e.g., milk, cigarettes and foreign holidays to determine (intuitively) their price elasticity. Investigate and analyse the demand for different products to see what happens when incomes change. Find three examples of each type of goods; inferior, normal and luxury, explaining why they fit into these categories. 8 MARKET RESEARCH Primary and secondary research and quantitative and qualitative research Explain what is meant by market research and the value of carrying it out. Distinguish between primary and secondary market research. Evaluate the use of market research to a business and its stakeholders. Distinguish between qualitative and quantitative data. Explain the different methods of primary and secondary research available to businesses. Explain the issues in selecting the most appropriate method of market research. Carry out market research based on the business plan from week 3, including writing questionnaires and carrying out interviews. Learners to collect examples of different primary research tools used by businesses. Using these, give examples of how qualitative and quantitative data is collected.
including F. Fielder (1976) and P. Wright and D. Taylor (1984). Evaluate the importance and impact of leadership for a business and its stakeholders. Evaluate the appropriateness of various leadership styles and theories to different business situations. 25 PEOPLE IN ORGANISATIONS Employer/employee relations Explain what is meant by employer/employee relationships. Explain the duties and rights of employers and employees including contract of employment, health and safety, minimum wage and dismissal. Explain what is meant by equal opportunities. Evaluate the impact of equal opportunities on employers and Investigate the main features of the Equality Act 2010 with special reference to ‘protected characteristic’. How does this piece of legislation impact on business activity?
TERM THREE Week Specification Content Specification Amplification Possible Activities 28 OPERATIONS MANAGEMENT Technology Lean Production Explain how new technology can be used by businesses, including the use of information technology, CAD, CAM and robotics. Evaluate the impact of new technology on the various stakeholders. Evaluate the importance and impact of technology in the operations of a business. Explain what is meant by lean production. Explain the range of lean production practices that are used to reduce waste and improve productivity including kaizen, just-in-time, cell production and time-based Select local, national and global businesses and explain how they have used new technology in order to gain an advantage over their competitors. Describe the ways in which one business has successfully implemented lean production techniques.
Survival of small firms diseconomies of scale. Explain the problems causes by internal diseconomies of scale. Evaluate the impact of economies and diseconomies of scale on a business and its stakeholders. Explain the survival of small firms. experienced. Select two small businesses (possibly those from week 1) and explain why they have survived despite opposition from larger firms.
Evaluate the impact of technological factors on businesses and their stakeholders. 23 - 24 ETHICAL, LEGAL AND ENVIRONMENTAL FACTORS Ethical Legal Explain the meaning of business ethics. Understand the types of ethical issues a business will face including environmental, animal rights, treatment of workers, suppliers and customers. Explain the meaning of corporate social responsibility (CSR). Understand the possible conflict between ethics and profitability. Evaluate the impact on the profitability of a business of having ethical objectives. Evaluate the ethical stance of businesses from the point of view of Investigate the ethical policies of particular businesses. Assess the advantages and disadvantages to the business of pursuing ethical policies. Assess the extent to which the business is committed to carrying out ethical policies. Use the Internet to research how global companies such as McDonalds, Starbucks, etc. implement their CSR. What conflicts arise between the responsibilities that these companies have to the environment and the local community, and to its shareholders, suppliers and employees?
– 30 European market. Explain the impact of the EU on businesses including free movement of goods, labour and capital, legislation, regulations and standards. Evaluate the impact of the EU on businesses and their stakeholders. Explain what is meant by the single European currency (the euro) and the Eurozone. Evaluate the costs and benefits of the single European currency to businesses and their stakeholders. Evaluate the impact to UK businesses of being a member of the EU and the Eurozone. Evaluate the impact to UK businesses of not being a member of the EU and the Eurozone. Would UK business be better off if the UK were to leave the EU? Assess the success or otherwise of the euro/Eurozone. Should the UK ever/never join the euro?