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Briefing Notes AQA BUSS4 June 2010 / Jan 2011: Exam Briefing BRIEFING CONTENTS Contents INTRODUCTION .....................................................................................3 SECTION A RESEARCH TASKS ....................................................................3 Stated Tasks ................................................................................................................................ 3 Research at Least Two Firms / Industries .................................................................................. 4 The Synoptic Nature of BUSS4 ................................................................................................... 5 KEY THEMES AND ISSUES TO CONSIDER FOR YOUR SECTION A ESSAYS .............. 10 Timing of the UK Recession ...................................................................................................... 10 Industries Differed in terms of the Recession’s Effects ........................................................... 11 A Sharp Business Shock at the End of the NICE Decade .......................................................... 11 Major Business Effects of the Recession .................................................................................. 12 But Remember - Recession was Just One Significant Change in the External Environment ... 15 …And Finally, Competitive Strength of Businesses is Always the Most Important Factor to Consider.................................................................................................................................... 15 SOME SUGGESTIONS ON EXAM TECHNIQUE FOR SECTION A ........................... 16 Introduction to Writing an Essay in BUSS4 .............................................................................. 16 Structuring the Section A Essay – PEE ...................................................................................... 17 OVER TO YOU… .................................................................................. 18 ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Introduction BUSS4 (The Business Environment and Managing Change) is the final and synoptic unit in your AQA GCE Business Studies course. Here is a summary of the structure of the BUSS4 exam: BUSS4, which lasts 1 hour 45 minutes, has two sections: Section A 40 Marks Answer ONE from a choice of TWO 40 mark essay-style questions Section A questions will be based around the Research Tasks for June 2010/Jan 2011 Additional, unseen stimulus material will be provided in the exam paper Section B 40 Marks Answer ONE from a choice of THREE 40 mark essay-style questions These questions can be on any aspect of the BUSS4 specification This toolkit focuses solely on Section A of BUSS4. However, nearly all of the suggestions we make in terms of examination technique apply equally to Section B. The key point to remember, before we move onto some more detailed guidance, is that you have to write two evaluative, synoptic essays. Two essays – each worth 40 marks – over a period of 1 hour 45 minutes There are no shorter, warm-up questions in BUSS4. You need to be ready to write wellplanned, clearly structured and convincingly argued essays that demonstrate you’ve mastered the AQA GCE Business specification. Quite simply – you will only do yourself justice if you practice, practice, practice essay questions. Section A Research Tasks Stated Tasks The research tasks for Section A which apply for both the June 2010 and January 2011 sitting of BUSS4 are shown below. You should have been given these by your teacher or lecturer recently. The Recent Recession in the UK In your research on the recent recession in the UK you should consider: How the recession can create opportunities and threats for businesses and industries The long-term strategies and short-term plans adopted by businesses in the recession Factors influencing the strategies businesses adopt in the recession Strategies that businesses could have adopted to prepare for the recession The possible impact of the recession on stakeholders and on relationships between businesses and their stakeholders The case for and against different businesses and industries receiving government ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing financial support during a recession Your research should consider the effects of and reaction to the recent recession in the UK in relation to different businesses and industries. It is your responsibility to do your own research. Your teacher or lecturer may guide you, or allow you to undertake the research entirely independently. This toolkit is designed to help you with your research and exam preparation – it is not intended to do the research for you/ Research at Least Two Firms / Industries Please remember: you need to research at least two different businesses and/or industries Here’s why. Your Section A exam paper will contain a brief piece of stimulus material about a business or industry relevant to the topic “The Recent Recession in the UK”. Your answer to your chosen question needs to: (1) Address the stimulus material presented to you, and (2) Compare and contrast the stimulus material with evidence of research that you have done on other, different businesses and industries So, if you only research one firm or one industry, you have a potential problem. What if the BUSS4 Section stimulus material on the day turns out to be on the same subject as your limited research? You have little, if any chance to compare and contrast. You’ll be missing out on many marks. You cannot access the highest levels of the mark scheme for BUSS4 in Section A unless you demonstrate evidence of your own research into the Recent Recession in the UK. If you fail to demonstrate evidence of your own research, then your marks for application are limited to just 5 out of 8 available, and your marks for evaluation can only reach 6 out of 14 available. So that’s a potential loss of 11 marks (out of 40). The stimulus material for Section A will be brief and will make reference to one or more relevant points from the research tasks. The purpose of the stimulus material is to provide you with a context in which you can: (1) Address the precise question set, and (2) Compare and contrast the stimulus material with evidence from your own research The essay-style questions set will invite you to develop an answer with a logical structure where you can demonstrate the two tasks above. ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Writing essays is a difficult skill - we've provided some guidance for your further below. The trick is to practice them frequently, particularly planning the points you would make, their order, and how you would bring your essay to a strong, reasoned conclusion. The Synoptic Nature of BUSS4 BUSS4 is a synoptic paper. That means that the paper aims to test your broad understanding of the AQA GCE Business Studies specification. BUSS4 does this in the context of “big picture” issues such as significant changes in the economy, the role played leadership, change management, corporate culture, strategic decision-making and corporate objectives. The examiner is looking for you to integrate relevant business studies theory into your answers, as part of a logical essay structure. Correct use of business theory, which you have already covered on the course, helps demonstrate sound analysis. That does not mean that BUSS4 essays are an invitation to write all you know about breakeven, working capital management or Ansoff’s matrix. Instead, the trick is to refer to and briefly explain the relevant theory or topic as your develop your argument. It is up to you to ensure that you have covered the key business studies theory. Go back over your notes; revisit your textbook chapters. It is well worth the effort. The table below highlights some of the main business studies theories and topics that are relevant to the BUSS4 Section A on the UK recession which you should have covered earlier in the course: Theory / Topic Recession Link Elasticity of demand (BUSS2) This really is important. By definition, a recession implies a reduction in demand – lower consumer spending (demand for goods & services); lower business spending (raw materials, demand for labour, capital spending). A key strategic (as well as marketing) issue was for firms to understand and respond to that change in demand. What was the right marketing reaction? Price cuts? Sales promotions? Less advertising? More advertising? Much depends on the nature of demand elasticity. Make sure you understand the concepts of both price and income elasticity of demand – there are several examples of this in our BUSS4 Section exam-style questions & answers Breakeven (BUSS1) Another fundamental concept to consider Reduced demand for a firm lowers the margin of safety between actual output and breakeven output Take a look at a major firm like Wolseley plc in the case studies to see how a fall of around 15-20% in revenues led to a 70% reduction in profits Most firms in a recession look to respond by cutting their cost base: ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Theory / Topic Recession Link - E.g. reducing prices paid by suppliers (variable costs), or cutting back on overheads (fixed costs) Net profit margins (BUSS2) Profit margins in many industries fall during a recession – partly due to reduced demand, but also due to competitive actions to maintain market share (e.g. more extensive use of sales promotions) Cost minimisation was a strategy that was adopted by many firms in an attempt to maintain net profit margins In the case study questions, we look at whether this was a sensible strategy, and ask whether cost optimisation was better Delayering (BUSS2) & Outsourcing (BUSS3) Surveys indicate that most large firms in the UK have changed their organisational structures during the recent recession. This has involved approaches such as delayering, as well as more use of outsourcing and offshoring (to reduce fixed costs and make the business model more flexible) Capacity utilisation (BUSS2) Another crucial issue during the recession. It is highly likely that the firms & industries you have researched will have experienced reduced capacity utilisation during the recession. Excess capacity over more than the short-term reduces profitability & cash flow, and increases unit costs. So a common strategic reaction (for businesses adversely affected by lower demand) has been to temporarily or permanently reduce capacity. Look out for examples of: - Short-time working / extended seasonal holidays - Factory or shift closures - Consolidation of production at fewer, larger locations - Disposal of non-core operations - Cutbacks in previously planned capacity investments But it wasn’t all about cutting capacity. Some firms, seeing an opportunity in the recession for accelerating their growth, took advantage of cheaper property and fixed assets to actually increase their capacity. Look at the Dominos case for a great example of this Quality (BUSS2) & Customer Service (BUSS2) Lots of evidence that businesses that have successfully handled the recession took steps to improve or maintain high standards of quality and customer service The reason? Recession made many more customers more pricesensitive = more likely to switch to competitors offering lower prices or better quality for the same price In the recession, quality and customer service became even more important sources of advantage Innovation & product Perhaps surprisingly, there is evidence that in many markets product life ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Theory / Topic Recession Link life cycle (BUSS2) cycles have shortened during the recession. Innovation & rapid technological change have been the two key drivers of this. Firms have looked to innovation as a way of maintaining or building their market share. Firms have made more extensive use of technology to reduce unit costs (improved productivity) and to exploit emerging distribution channels (e.g. the switch of marketing budgets from TV/Radio/Newspapers to online) Cost minimisation as a financial objective (BUSS3) Perhaps an inevitable reaction to the recession for many firms – particularly those worst affected by the downturn in demand The recession has encouraged firms to: - Consolidate suppliers, driving down input costs - Cut or freeze employee remuneration (basic and bonuses) - Reduce fixed costs and overheads - Close or dispose of loss-making or low-return assets (e.g. poorperforming stores or outlets) Focus on cash flow targets (BUSS3) Shareholder returns (BUSS3) Two major factors here: (1) The liquidity problems brought about by the credit crunch: firms have found it harder to finance their operations with debt, and until recently it was hard to raise new equity on the stock markets (2) Reduced revenues and profits have led to lower net cash flows The strategic response in the UK has been pretty consistent across most industries: The three most significant reactions have been: (1) Significant cuts in capital spending programmes (business investment (2) Cuts or cancellation of dividends paid to shareholders (private as well as public companies) (3) Reductions in inventories carried (a so-called de-stocking, which was an early feature of the UK recession) Other, less significant actions have been: - Lengthening time taken to pay suppliers - Problems with lengthening time taken by customers to pay (the flipside of the above) Risk assessment & investment appraisal (BUSS3) This topic is closely linked with the significant reduction in capital spending by businesses during the recession (see Strategy Briefing Note in the toolkit) The recession has had the following major implications for investment appraisal and risk assessment: ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Theory / Topic Recession Link - Predicting future revenues and costs has become more difficult, due to the inherent uncertainty about economic growth (a good point to make is that the NICE decade made investment appraisal much easier!) - Poor liquidity has increased the emphasis on capital investments with shorted cash paybacks in some industries - Management have often increased the required rates of return on investments – i.e. discount factors for NPV calculations have been lower, making it harder for investment projects to show a positive NPV Sales forecasting (BUSS3) Quantitative forecasting has become harder due to the recession In particular, the use of trends & extrapolation needs to be undertaken with more care now The growth trend line for many markets has been jolted during 20072010 and in some markets there have been permanent changes in consumer behaviour The traditional model of the business cycle seems to have been shaken too! Generic strategies (BUSS3) Which strategies have proved most successful? It varies by industry If anything, Porter’s model of generic strategies has been reinforced by the recession Businesses that have tended to do well: - Low cost / cost leaders (able to compete aggressively on price + have attracted price-sensitive customers) - Differentiated producers, focusing on value leadership. The success of the branded coffee shop chains (see case studies Q&A) is a great example of this Businesses that are “stuck in the middle” with no clear point of differentiation have tended to suffer. The collapse of Woolworths in December 2008 (widely described as stuck in the middle) is perhaps the highest-profile example of this during the recession Ansoffs Matrix (BUSS3) Businesses in many markets have become more risk averse during the recession This implies a shift towards the top left hand corner of the Ansoff Matrix – focusing on selling existing products into existing markets (trying to maintain market share of core markets) That seems to make sense – lots of examples of groups that have disposed of non-core businesses: partly to raise cash or pay down debt; but also to refocus the firm on core markets However, be careful not to generalise too much. As we see in the Apple case study, there is plenty of evidence of continued innovation strategies as a way of exploiting opportunities in the recession (product development + diversification) ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Theory / Topic Recession Link Economies of scale The pursuit of greater internal economies of scale is consistent with a cost minimisation strategy during the recession A survey of CEOs in the UK (see strategy briefing paper) suggested that a large proportion of major companies had sought to reduce costs by consolidating suppliers – a good example of economies of scale Hard & Soft HR (BUSS3) Another really important area, closely linked to the research task on stakeholder relationships. The British Airways case study is a classic example of the conflicts that can arise in a downturn when management adopt a hard HR approach! Recession has placed great strains on the HRM function: - Pressure to reduce capacity - Pressure to reduce employee costs (job losses, pay freezes, short-time working, overtime restrictions; job-sharing) - Increased employee uncertainty about job prospects and performance of their employer - But a need to retain talent in preparation for the upturn ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Key Themes and Issues to Consider for Your Section A Essays Many thousands of students will be researching and writing about the Recent Recession in the UK in BUSS4, and the focus and depth of their research will vary considerably. However, whichever businesses or industries you choose to research, there are some core points that you need to consider and, where relevant, make in your Section A answers. We have summarised below some of the key considerations that you need to address when you see what the stimulus material is as you open the exam paper, and which you should also bear in mind when doing your research. Timing of the UK Recession GDP for the UK 350 325 325 300 300 275 275 250 250 225 225 200 200 billions £ (billions) Value of national output for the UK, measured in £ billion per quarter and inflation adjusted 350 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 Source: UK Economic Data The research topic is the "Recent Recession in the UK". What this really means is the economic downturn that affected businesses and households over the last 2-3 years. You should remember that there is a technical definition of a "recession" which is used by economists to identify the start and end of a period of recession. A recession is defined as being two consecutive quarters of falling economic activity, as measured by GDP. Technically the UK economy’s entry into recession was confirmed in January 2009 after GDP fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. Technically the UK economy exited the recession in January 2010 when a small growth of 0.3% was recorded in GDP in the last quarter of 2009. However, from a business perspective, the economic downturn had a very different timing compared with the official GDP figures. Many businesses and industries began to feel the effects of the downturn during early 2007, as the UK housing market began to stall and then decline. The collapse in consumer and business ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing confidence around the globe became particularly acute during 2008 as problems of sub-prime lending led to the failure of high profile financial institutions in the US, Europe and Asia. When you look at key economic indicators like consumer and business confidence, business investment and output from key industries such as motor car production and steel, it is clear that the worst of the recession in the UK was during 2007 and 2008. By contrast, most businesses began to see a recovery in demand during 2009, when the economists said the UK was still in recession. Industries Differed in terms of the Recession’s Effects This is an absolutely key point which you really should build into your Section A essays. A recession reflects the overall change in economic output. GDP is a combination of all the economic activity of households (consumer spending), businesses and government (e.g. public sector spending). Whilst the economy as a whole moved into recession, remember that: (1) Some industries and markets suffered a much sharper and prolonged downturn in demand than the average (e.g. new car sales, building & construction, steel production) (2) Other industries and markets experienced relatively little weakness in demand (e.g. grocery sales) (3) Several industries and markets benefited from a significant increase in demand (e.g. fast food, domestic holidays, budget hotels, discount retailing) It is important in your Section A essays to avoid too much generalisation about the effects of the recession. Remember that you are addressing the specifics of the stimulus material presented before the choice of essay questions, and then comparing and contrasting with the specific firms and industries covered by your own research. As you conduct your research, and practice essay questions, consider how individual businesses and/or industries fared during the downturn. What happened to demand, prices etc in that specific example? A Sharp Business Shock at the End of the NICE Decade This is another important point which relatively few BUSS4 candidates will even consider in their answers. Take another look at that chart of UK GDP growth over the last 20-25 years. Look at how long it was since the last recession (1990-1991). That’s about 15 years between recessions. Most out-of-date business textbooks describe the business cycle as being around 6-7 years. The last economic boom last twice as long! Between 1992 and 2007, businesses in the UK enjoyed a long period of steady economic growth, relatively low inflation, low unemployment and low interest rates. Why is this so important for BUSS4? ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing UK businesses had become used to a favourable economic environment – they had confidence that they could develop long-term plans which assumed the economy would continue to grow Investment planning became less risky – investment appraisal could assume future revenues and costs with some confidence that they would prove realistic Many managers grew up never having known what it was like having to take decisions in an economic downturn! The above points are particularly relevant to the fourth of your research tasks: “Strategies that businesses could have adopted to prepare for the recession” Be careful with this one. It is too easy to write about a long list of theoretical strategies that UK businesses could have adopted to prepare for the recession. Hindsight is a wonderful thing! The truth is that many businesses didn’t see the recession coming until it was almost too late – partly because they had become so used to the favourable economic conditions in which they had traded for the previous 15 years. Major Business Effects of the Recession Make sure that your answers consider the main reactions by UK businesses as a whole during the downturn. They tell you a lot about the collective response to a sudden and unexpected deterioration in demand. The charts below are in your toolkit. A significant reduction in capital expenditure ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing It was uncertainty about demand that was the main factor in discouraging investment spending by UK businesses: A significant de-stocking (reduction in inventories) ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing A significant reduction in the numbers of businesses operating at full capacity As a result of lower capacity utilisation there was a major decline in labour productivity ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing But Remember - Recession was Just One Significant Change in the External Environment The research task requires you to consider “the impact of the recession” and the reaction of businesses, industries and stakeholders to it. But remember that the economic environment is just one part of the external environment facing a business and industry. Strategic decision-making doesn’t take place in a vacuum where everything else is parked to one side whist the firm reacts to changes in the economy. The effect on strategy of changes in the economy depends on: (1) The significance of the change (e.g. the percentage change in market demand, or increase in input costs) (2) The relative significance of other external influences on the industry – e.g. change to the legal environment, pace of social change The point to make (at the right time) in Section A answers is that business reactions to the recession were subject to many external influences. …And Finally, Competitive Strength of Businesses is Always the Most Important Factor to Consider We finish this section with an absolutely fundamental point. There is compelling evidence from the most recent recession in the UK, and from previous economic downturns, that the strongest businesses emerge from recessions even stronger. This might sound slightly odd, but recessions tend to be good news for businesses with sustainable competitive advantages. A good way to think about this is to consider the economic downturn as a fight to the death; as a battle involving the “survival of the fittest”. Which businesses are most likely to emerge intact from such a fight? Those with: Strong brands and high customer loyalty Lower unit costs than the competition – they are more efficient and productive Reputations for high levels of quality & customer service Sufficient financial resources to handle unexpected reductions in demand, profits and cash flows Normal profit margins (i.e. high added value) which enable it to accept a slightly lower profit margin during a downturn in order to offer customers better value for money Flexible operational and organisational structures which can handle unexpected or significant change Leaders who are able to take decisive action and gain the support of key stakeholders Managers who are able to make realistic risk assessments during a period of uncertainty, including creating sensible contingency plans ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing You should recognise many of these points from your studies in BUSS2 & BUSS3. The above bullet points are examples of competitive advantage. They are important because they: (1) Provide protection for firms during an economic downturn (2) Enable the business to be better placed to handle threats and take advantage of opportunities during and after a recession Consider how much more difficult a recession is for a business with: A high break-even output (high fixed costs, lack of flexibility in the business model) Reliance on excessive bank and other debt to finance the business Higher unit costs than the competition, making it harder to cut prices A relatively poor reputation for quality or customer service Low customer loyalty, making it more likely customers will switch to competitors Many businesses like Woolworths, MFI Group, XL Leisure & Wrapit went bust during the UK recession largely because they were (fundamentally) competitively weak. The recession accelerated their demise, but it was their weak competitive position which was to blame. So, when you open the BUSS4 paper and look at the chosen stimulus business or industry, it is vital that you think about what competitive advantages the firm (or its competitors) had during the recession. Because those are the most important factors that determined the impact and reaction to the downturn. Some Suggestions on Exam Technique for Section A Introduction to Writing an Essay in BUSS4 An essay question invites the student to build or develop an argument. The essay title will invariably offer several different ways of approaching the question. But the most important thing to remember is to<b> write an essay which directly addresses and answers the question. A good essay is balanced. By that we mean that more than one point of view is explored, even if the essay ends with a conclusion that comes down firmly in favour of one particular side. Every argument should have at least two sides. So your essays should demonstrate to the examiner that you have considered both sides and the most important alternatives in sufficient depth. That might sound a bit daunting. However, writing a balanced essay in an A2 business exam is, in fact, surprisingly easy. Why? Because there is no such thing as a correct or certain answer in business studies. All business decisions and issues involve uncertainty. Ask ten experienced business people to come up with a solution to a business problem or to identify the best strategy. Chances are that they would each identify a different answer, or approach the problem in different ways. After all, "strategy is choice". ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Business strategy involves identifying, analysing and evaluating different options - all in the context of a rapidly changing external and competitive environment. By definition, it must be possible to consider at least two options, or alternative viewpoints. You can be sure that the BUSS4 essay questions (you have a choice) will be worded in such a way as to invite a fruitful discussion and argument. A key part of writing a convincing essay in A2 business studies is to show the examiner that you appreciate and can articulate the uncertainties that confront business people every day. Structuring the Section A Essay – PEE An effective essay builds an argument based around a series of coherent and linked paragraphs. But what should go into a good paragraph? How long should an effective paragraph be? That's where the acronym PEE comes in handy. PEE stands for: P = PARAGRAPH MAKES A POINT E = EXPLANATION, EVIDENCE AND EXAMPLES E = EVALUATION Let’s develop this a little further. PARAGRAPH MAKES A POINT Well written paragraphs that focus only on the essay question set are the foundation of a good essay. The golden rule for an effective paragraph is that it should seek to make one relevant point, to an appropriate depth. A paragraph should not contain two or more main points. If you find yourself tempted to move onto another point mid-way through a paragraph you should resist. First, ask yourself whether you have achieved the right depth on your original point. If you haven't - then develop that point further (finish the PEE). If you have, then leave three lines of space on the paper and then move onto the next point. Why leave three lines of space between paragraphs? Here's why (1) It provides enough space to add further explanation or evaluation to the point, if needed and if time permits towards the end of the exam (2) It gives a clear signal to the examiner that you have moved onto the next major point (paragraph) (3) It is easier for an examiner to read an exam script if there is a little white space between paragraphs. EXPLANATION, EVIDENCE AND EXAMPLES ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing The content of your paragraph is the opportunity to demonstrate your knowledge and understanding of the business topic in the question. It is the chance to move onto strong application and analysis with some well written and logical sentences. A sentence that explains the importance of the topic or which reveals the issues raised is a great way to lead into further sentences where you can demonstrate your BUSS4 research, evidence of wider reading or understanding of how business works in real-life (application). Ideally, every paragraph you write in BUSS4 essays should include some element of your own research - it builds credibility with the examiner. A suitably brief explanation linking the point or issue to relevant business studies theory or model (keep it short) shows how you can apply theory to real-world business contexts. Don't go overboard here - you mustn't repeat great chunks of your notes or textbook. Use theories and models to help frame the discussion. Use your sentences in the middle of the paragraph to illustrate, where relevant, the processes of cause and effect. This demonstrates really good analysis. But remember to keep thinking about, and referring back to the essay question. Every word you write should be about answering the question. EVALUATION Evaluation is the holy grail of business studies exams - and this has never been truer than in BUSS4. But don't leave it until the last or concluding paragraph before you try to evaluate. Try to add some evaluation to each of your paragraphs. How important is the point or the side of the argument that you have made? What does it depend on? Do the preceding paragraphs help build the strength of the argument? To what extent is the argument based on facts (e.g. relevant data) or opinion / unreliable data. Over To You… The resources in this toolkit contain the results of over 150 hours of research into the Recent Recession in the UK. We’ve read many research reports from business consultants and market researchers about how UK firms have reacted to the economic downturn; we’ve charted what happened to the key economic and business indicators to give you a good overview. Like you, we’ve scoured the newspapers and online videos to get insights into the UK during the recession. But we can’t, shouldn’t…and don’t want to do it all for you. The research topic for June 2010 and January 2011 is really interesting and you should gain a tremendous amount by doing your own independent study into the recent recession. The aim of these notes and other resources is to give you a hand as you prepare for Section A of BUSS4. The resources in the toolkit are organised as follows: Exam Briefing: this paper ©Tutor2u Limited 2010/2011 All Rights Reserved AQA BUSS4 June 2010 / Jan 2011: Exam Briefing Exam-style questions and outline answers: There are ten exam-style questions together with detailed answer structures that illustrate one possible way to approach the question, and which also include lots of research ideas which you might want to add to your notes Strategy Briefing Notes – here are some really useful summaries of examples of the research that we’ve come across. Some fantastic insights in here which can really strengthen your essays Charts – a selection of charts to illustrate key economic and other business data in the UK during the recession. Pick out the key trends from these and add them to your research notes Economics Background – briefing study notes and revision presentations that will help you get to grips with the essential elements of the UK recession – and the business implications. Chances are we’ve covered some of the same material, businesses and industries which you have included in your own research. Don’t worry. The more information and ideas that you have the better. We have to draw a line under the resources added to this toolkit now so that we can publish it and get it out to the hundreds of schools and colleges that are preparing for the BUSS4 exams. However, we’ll continue to support you right up to the day of the exam. Don’t forget to visit our dedicated BUSS4 Research Task Website on the Business Studies Blog. ©Tutor2u Limited 2010/2011 All Rights Reserved