Download GCSE Business Studies Revision List

GCSE Business Studies Revision List
UNIT 1
Advantages and
disadvantages.
Setup, ownership,
management and
control needed.
Business Ownership, Organisation and Structure
 Sole traders
 Partnerships
 Private limited companies
 Franchises- benefits and drawbacks of becoming a franchise rather than starting own
business.
 Primary, secondary tertiary sectors – what are they are – examples.
 Factors of production and what is added value
 Business Aims and Objectives for a small business – short term and long term. How/why they
might change.
 Stakeholders – who are the different stakeholders in a business and how might their objectives
differ?
 The role of the entrepreneur – characteristics of an entrepreneur.
 The risks and rewards for the entrepreneur.
 Reasons for setting up a business.
 Social enterprises – their aims.
 Choosing a location for the business – availability of materials, infrastructure, cost of rent/land,
competition, proximity to market etc.
Marketing
 Market Research – Primary research – Questionnaires, observations, consumer panels, indepth interviews. Secondary research – market reports, population trends, directories,
websites. Understand the different methods and the advantages and disadvantages of each.
 Markets, market segmentation, target markets. Reasons for and against segmenting the
market.
 The Marketing Mix (4Ps)_ –
Product – product line, product mix, branding, packaging,
product differentiation. .
Promotion – advertising and sales promotions – advantages and disadvantages of each for
a small business
Pricing – cost – plus – calculate a mark up and final price.
Place – the different channels of distribution – retailers, wholesalers, the internet. The
advantages and disadvantages of each.
Customer Service – the importance of customer service to a small business. How good customer
service can be achieved.
People in Business
 Recruitment and selection – the need to recruit new workers the process of appointing a
worker. Long list, short list, types of interview etc.
 Methods of advertising jobs and the benefits and drawbacks of each.
 The advantages of employing part time workers.
 Motivation – financial and non financial methods of motivation.
 Must be able to explain the advantages and disadvantages of different motivation techniques.
 The importance of a culture of life long learning.
 Job rotation, job enrichment, job enlargement – definitions - advantages and disadvantages
to the business.
 Wages/Pay – commission, piece rates, salary, etc – benefits and drawbacks and most
appropriate in a situation.
 Employment laws – Equal Pay Act, Disability Discrimination Act, Minimum Wage Act etc.
Understand these and the effect on business.
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
Consumer protection laws. – The trade descriptions Act, The Sale of Goods Act, the weights
and Measures Act.
The costs to the business of ensuring they meet the laws and the costs of not meeting the
laws.
Finance

Cashflow forecasts – reasons for and ways to improve cash flow.

Be able to analyse figures and complete gaps – identify problems.

How to improve a cash flow problem.

Business plans – what is included and why are they useful. Who would want to see one and
why?

Sources and finance – owners funds, retained profits, bank loans, hire purchase, leasing, trade
credit, overdraft. Advantages and disadvantages of each. Which would be appropriate in a
situation?

Sources and types of advice available to small firms. – banks, business advisor, the
government etc.

Calculate prices, sales revenue, costs and profit.

Explain the relationship between sales, costs and profit.
Production

Resources required – Capital, enterprise, land and labour.

Manufacturing methods – job, batch and flow – the advantages and disadvantages of each.

Efficiency – Definition, how is it measured and how can it be improved.


Quality control – the importance of good quality.
Location of industry – geographical factors, cost of site, infrastructure, labour, nature of
product. Why these factors are important.

The impact of Technology on business – advantages and disadvantages.
Business Planning
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What is a business plan
The purpose of producing a business plan
The main sections in a business plan
How business planning can help minimise the risk of setting up a business.