Year 10

Topic / Specific Knowledge

Specific Skills

Autumn

Topic 1.1 Enterprise and entrepreneurship

1.1.1         The dynamic nature of business

Why new business ideas come about:

·         Changes in technology.

·         Changes in what consumers want.

·         Products and services becoming obsolete.

·         How new business ideas come about:

o   Original ideas

o   Adapting existing products/services/ideas

1.1.2         Risk and reward

The impact of risk and reward on business activity:

·         Risk: business failure, financial loss, lack of security

·         Reward: business success, profit, independence

1.1.3         The role of business enterprise

The role of business enterprise and the purpose of business activity:

·         To produce goods or services.

·         To meet customer needs.

·         To add value: convenience, branding, quality, design, unique selling points.

The role of entrepreneurship:

·         An entrepreneur: organises resources, makes business decisions, takes risks.

Through studying these topics students will:

·         know and understand business concepts, such as SMART targets, break-even and business objectives, the integrated nature of business activity and the impact of business on individuals and wider society

·         apply knowledge using case studies of different types and sizes of businesses in local, national and global contexts

·         develop as enterprising individuals and understand the risks and rewards of becoming an entrepreneur with the ability to think commercially and creatively to demonstrate business acumen, and draw on evidence to make informed business decisions and solve business problems

·         investigate and analyse real business opportunities and issues to construct well-argued, well-evidenced, balanced and structured arguments, demonstrating their depth and breadth of understanding of business using data in case studies and financial information to calculate business revenues, costs and profits

·         apply knowledge and understanding to different business contexts. Understanding the importance of market research and being able to conduct their own research as either a group or independently

·         use business terminology to identify and explain business activity

·         AO1 Demonstrate knowledge and understanding of business concepts and issues

·         AO2 Apply knowledge and understanding of business concepts and issues to a variety of contexts

·         AO3 Analyse and evaluate business information and issues to demonstrate understanding of business activity, make judgements and draw conclusions.

Topic 1.2 Spotting a business opportunity

1.2.1 Customer needs

Identifying and understanding customer needs:

·         What customer needs are: price, quality, choice, convenience.

The importance of identifying and understanding customers: generating sales, business survival.

1.2.2 Market research

The purpose of market research:

·         To identify and understand customer needs.

·         To identify gaps in the market.

·         To reduce risk.

·         To inform business decisions.

1.2.2 Market research

Types of market research:

·         Methods of primary research: survey, questionnaire, focus group, observation

·         Methods of secondary research: Internet, market reports, government reports

·         The use of qualitative and quantitative market research data

The role of social media in collecting market research data.

The importance of the reliability of market research data.

1.2.3 Market segmentation

How businesses use market segmentation to target customers:

·         Identifying market segments: location, demographics, lifestyle, income, age

·         Market mapping to identify a gap in the market and the competition

1.2.4 The competitive environment

Understanding the competitive environment:

·         Strengths and weaknesses of competitors based on: price, quality, location, product range and customer service.

The impact of competition on business decision making.

Topic 1.3 Putting a business idea into practice

1.3.1 Business aims and objectives

What business aims and business objectives are.

Business aims and objectives when starting up:

·         Financial aims and objectives: survival, profit, sales, market share, financial security

·         Non-financial aims and objectives: social objectives, personal satisfaction, challenge, independence and control

Why business aims and objectives differ between businesses.

1.3.2 Business revenues, costs and profits

The concept and calculation of:

·         Revenue

·         Fixed and variable costs

·         Total costs

·         Profit and loss

·         Interest

1.3.2 Business revenues, costs and profits

·         Interpretation of break-even diagrams:

·         The impact of changes in revenue and costs

·         Break-even level of output

·         Margin of safety

·         Profit and loss

Spring

Topic 1.3 Putting a business idea into practice

1.3.3 Cash and cash-flow

The importance of cash to a business:

·         to pay suppliers, overheads and employees

·         to prevent business failure (insolvency)

·         the difference between cash and profit

Calculation and interpretation of cash-flow forecasts:

·         cash inflows

·         cash outflows

·         net cash flow

·         opening and closing balances

1.3.4 Sources of business finance

Sources of finance for a start-up or established small

business:

·         short-term sources: overdraft and trade credit

·         long-term sources: personal savings, venture capital,

·         share capital, loans, retained profit and crowd funding.

Topic 1.4 Making the business effective

1.4.1 The options for start-up and small businesses

The concept of limited liability:

·        limited and unlimited liability

·        the implications for the business owner(s) of limited and unlimited liability.

The types of business ownership for start-ups:

·         sole trader, partnership, private limited company

·         the advantages and disadvantages of each type of business ownership.

The option of starting up and running a franchise operation:

·         the advantages and disadvantages of franchising

1.4.2 Business location

Factors influencing business location:

·         proximity to: market, labour, materials and competitors

·         nature of the business activity

·         the impact of the internet on location decisions:

·         e-commerce and/or fixed premises

1.4.3 The marketing mix

What the marketing mix is and the importance of each element:

·         price, product, promotion, place.

How the elements of the marketing mix work together:

·         balancing the marketing mix based on the competitive environment

·         the impact of changing consumer needs on the marketing mix

·         the impact of technology on the marketing mix:

·         e-commerce, digital communication.

1.4.4 Business plans

The role and importance of a business plan:

·         to identify: the business idea; business aims and

objectives; target market (market research); forecast

revenue, cost and profit; cash-flow forecast; sources of finance; location; marketing mix.

The purpose of planning business activity:

·         the role and importance of a business plan in minimising risk and obtaining finance.

Through studying these topics students will:

·         know and understand business concepts, such as cash flow forecasting, short- and long-term sources of finance, business ownership, understanding the impact of business locations and the use of the marketing mix and business plans and the impacts of these to the business, on individuals and wider society

·         apply knowledge using case studies of different types and sizes of businesses in local, national and global contexts

·         develop as enterprising individuals and understand the risks and rewards of becoming an entrepreneur with the ability to think commercially and creatively to demonstrate business acumen, and draw on evidence to make informed business decisions and solve business cashflow problems

·         investigate and analyse real business opportunities and issues to construct well-argued, well-evidenced, balanced and structured arguments, demonstrating their depth and breadth of understanding of business using data in case studies and financial information to calculate business revenues, costs and profits

·         apply knowledge and understanding to different business contexts. Understanding the importance of market research and being able to conduct their own research as either a group or independently

·         use business terminology to identify and explain business activity

·         AO1 Demonstrate knowledge and understanding of business concepts and issues

·         AO2 Apply knowledge and understanding of business concepts and issues to a variety of contexts

·         AO3 Analyse and evaluate business information and issues to demonstrate understanding of business activity, make judgements and draw conclusions.

Summer

Topic 1.5 Understanding external influences on business

1.5.1 Business stakeholders

Who business stakeholders are and their different

objectives:

·         shareholders (owners), employees, customers, managers,

·         suppliers, local community, pressure groups, the

·         government.

Stakeholders and businesses:

·         how stakeholders are affected by business activity

·         how stakeholders impact business activity

·         possible conflicts between stakeholder groups.

1.5.2 Technology and business

Different types of technology used by business:

·         e-commerce

·         social media

·         digital communication

·         payment systems.

How technology influences business activity in terms of:

·         sales

·         costs

·         marketing mix.

1.5.3 Legislation and business

The purpose of legislation:

·         principles of consumer law: quality and consumer rights

·         principles of employment law: recruitment, pay,

·         discrimination and health and safety.

The impact of legislation on businesses:

·         Cost

·         consequences of meeting and not meeting these obligations.

1.5.4 The economy and business

The impact of the economic climate on businesses:

·         unemployment, changing levels of consumer income,

·         inflation, changes in interest rates, government taxation, changes in exchange rates.

1.5.5 External influences

The importance of external influences on business:

possible responses by the business to changes in:

technology, legislation, the economic climate.

Through studying these topics students will:

·         know and understand business concepts, such as stakeholder conflicts, use of social media and technology, consumer law and other business legislations, taxation, inflation, exchange rates and government policy and the impacts of these to the business, on individuals and wider society

·         apply knowledge using case studies of different types and sizes of businesses in local, national and global contexts

·         develop as enterprising individuals and understand the risks and rewards of becoming an entrepreneur with the ability to think commercially and creatively to demonstrate business acumen, and draw on evidence to make informed business decisions and solve business cashflow problems

·         investigate and analyse real business opportunities and issues to construct well-argued, well-evidenced, balanced and structured arguments, demonstrating their depth and breadth of understanding of business using data in case studies and financial information to calculate business revenues, costs and profits

·         apply knowledge and understanding to different business contexts. Understanding the importance of market research and being able to conduct their own research as either a group or independently

·         use business terminology to identify and explain business activity

·         AO1 Demonstrate knowledge and understanding of business concepts and issues

·         AO2 Apply knowledge and understanding of business concepts and issues to a variety of contexts

AO3 Analyse and evaluate business information and issues to demonstrate understanding of business activity, make judgements and draw conclusions.

Year 11

Topic / Specific Knowledge

Specific Skills

Autumn

Topic 2.1 Growing the business

2.1.1 Business growth

Methods of business growth and their impact:

·         internal (organic) growth: new products (innovation, research and development), new markets (through changing the marketing mix or taking advantage of technology and/or expanding overseas)

·         external (inorganic) growth: merger, takeover.

The types of business ownership for growing businesses:

·         public limited company (plc).

Sources of finance for growing and established businesses:

·         internal sources: retained profit, selling assets

·         external sources: loan capital, share capital, including stock market flotation (public limited companies).

2.1.2 Changes in business aims and objectives

Why business aims and objectives change as businesses evolve:

·         in response to: market conditions, technology, performance, legislation, internal reasons.

How business aims and objectives change as businesses evolve:

·         focus on survival or growth

·         entering or exiting markets

·         growing or reducing the workforce

·         increasing or decreasing product range.

2.1.3 Business and globalisation

The impact of globalisation on businesses:

·         imports: competition from overseas, buying from overseas

·         exports: selling to overseas markets

·         changing business locations

·         multinationals.

Barriers to international trade:

·         tariffs

·         trade blocs.

2.1.3 Business and globalisation

·         How businesses compete internationally:

·         the use of the internet and e-commerce

·         changing the marketing mix to compete internationally.

2.1.4 Ethics, the environment and business

The impact of ethical and environmental considerations on businesses:

·         how ethical considerations influence business activity: possible trade-offs between ethics and profit

·         how environmental considerations influence business activity: possible trade-offs between the environment, sustainability and profit

the potential impact of pressure group activity on the marketing mix.

Through studying these topics students will:

·         know and understand business concepts, such as Business growth, ownership, aims and objectives and the integrated nature of business activity and the impact of business on individuals and wider society

·         apply knowledge using case studies of different types and sizes of businesses in local, national and global contexts

·         develop as enterprising individuals and understand the ways an entrepreneur can grow and develop by thinking commercially and creatively to demonstrate business acumen, and draw on evidence to make informed business decisions and solve business problems

·         investigate and analyse real business opportunities and issues to construct well-argued, well-evidenced, balanced and structured arguments, demonstrating their depth and breadth of understanding of business using data in case studies and assessing other countries as potential markets for trade.

·         apply knowledge and understanding to different business contexts. Understanding the importance of globalisation and the marketing mix on a business’s success

·         use business terminology to identify and explain business activity

·         AO1 Demonstrate knowledge and understanding of business concepts and issues

·         AO2 Apply knowledge and understanding of business concepts and issues to a variety of contexts

AO3 Analyse and evaluate business information and issues to demonstrate understanding of business activity, make judgements and draw conclusions.

Topic 2.2 Making marketing decisions

2.2.1 Product

The design mix:

·         function, aesthetics, cost.

The product life cycle:

·         The phases of the product life cycle

·         extension strategies.

The importance to a business of differentiating a product/service.

2.2.2 Price

Price:

·         pricing strategies

·         Influences on pricing strategies: technology, competition, market segments, product life cycle.

2.2.3 Promotion

Promotion:

·         appropriate promotion strategies for different market segments: advertising, sponsorship, product trials, special offers, branding

·         the use of technology in promotion: targeted advertising online, viral advertising via social media, e-newsletters.

2.2.4 Place

Place:

·         methods of distribution: retailers and e-tailers (e-commerce).

2.2.5 Using the marketing mix to make business decisions

How each element of the marketing mix can influence other elements.

Using the marketing mix to build competitive advantage.

How an integrated marketing mix can influence competitive advantage.

Spring/Summer

Topic 2.3 Making operational decisions

2.3.1 Business operations

The purpose of business operations:

• to produce goods
• to provide services.

Production processes:

• different types: job, batch, flow
• the impact of different types of production process: keeping productivity up and costs down and allowing for competitive prices.

Impacts of technology on production:

• balancing cost, productivity, quality and flexibility.

2.3.2 Working with suppliers

Managing stock:

• interpretation of bar gate stock graphs
• the use of just in time (JIT) stock control.

The role of procurement:

• relationships with suppliers: quality, delivery (cost, speed, reliability), availability, cost, trust
• the impact of logistics and supply decisions on: costs, reputation, customer satisfaction.

2.3.3 Managing quality

The concept of quality and its importance in:

• the production of goods and the provision of services: quality control and quality assurance
• allowing a business to control costs and gain a competitive advantage.

2.3.4 The sales process

The sales process:

• product knowledge, speed and efficiency of service, customer engagement, responses to customer feedback, post-sales service.

The importance to businesses of providing good customer service.

Topic 2.4 Making financial decisions

2.4.1 Business calculations

The concept and calculation of:

• gross profit
• net profit

Calculation and interpretation of:

• gross profit margin
• net profit margin
• average rate of return.

2.4.2 Understanding business

performance

The use and interpretation of quantitative business data to support, inform and justify business decisions:

• information from graphs and charts
• financial data
• marketing data
• market data.

The use and limitations of financial information in:

understanding business performance

• making business decisions.

Topic 2.5 Making human resource decisions

2.5.1 Organisational structures

Different organisational structures and when each are appropriate:

• hierarchical and flat
• centralised and decentralised.

The importance of effective communication:

• the impact of insufficient or excessive communication on efficiency and motivation
• barriers to effective communication.

Different ways of working:

• part-time, full-time and flexible hours
• permanent, temporary, and freelance contracts
• the impact of technology on ways of working: efficiency, remote working.

2.5.2 Effective recruitment

Different job roles and responsibilities:

• key job roles and their responsibilities: directors, senior managers, supervisors/team leaders, operational and support staff.

How businesses recruit people:

• documents: person specification and job description, application form, CV
• recruitment methods used to meet different business needs (internal and external recruitment).

2.5.3 Effective training and development

• How businesses train and develop employees: different ways of training and developing employees: formal and informal training, self-learning, ongoing training for all employees, use of target setting and performance reviews.

Why businesses train and develop employees:

• the link between training, motivation and retention
• retraining to use new technology.

2.5.4 Motivation

The importance of motivation in the workplace:

• attracting employees, retaining employees, productivity.

How businesses motivate employees:

• financial methods: remuneration, bonus, commission, promotion, fringe benefits
• non-financial methods: job rotation, job enrichment, autonomy.

Final revision of all topics

Exam preparation (exam walk throughs, recap video’s, exam response structure and modelling and review of examiner reports)

Through studying these topics students will:

• know and understand business concepts, such as the difference between goods and services, quality and stock management systems, the sales process, financial calculation such as ARR, Gross and Net profit and gross and net profit margins, organisational structures, different ways of working, the recruitment process, internal and external training and the importance of training staff, motivational theory and how and why you need to motivate employees and the integrated nature of business activity and the impact of business on individuals and wider society
• apply knowledge using case studies of different types and sizes of businesses in local, national and global contexts
• develop as enterprising individuals and understand the ways an entrepreneur can grow and develop by thinking commercially and creatively to demonstrate business acumen, and draw on evidence to make informed business decisions and solve business problems
• investigate and analyse real business opportunities and issues to construct well-argued, well-evidenced, balanced and structured arguments, demonstrating their depth and breadth of understanding of business using financial and marketing data, along with graphs and charts in case studies and assessing other countries as potential markets for trade.
• apply knowledge and understanding to different business contexts. Understanding the importance of globalisation and the marketing mix on a businesses success
• use business terminology to identify and explain business activity

• AO1 Demonstrate knowledge and understanding of business concepts and issues
• AO2 Apply knowledge and understanding of business concepts and issues to a variety of contexts
• AO3 Analyse and evaluate business information and issues to demonstrate understanding of business activity, make judgements and draw conclusions.